Bellefontaine City Schools Treasurer Joshua Wasson shared some good news at the Monday evening board of education relating to the refunding of the district’s building project bonds, a process that was previously started in February, and then was put on hold due to the unstable market this spring during the COVID-19 crisis.
Wasson said in late June/early July, the market had stabilized enough so that it made sense to proceed once again with this process. The bonds were sold Wednesday, July 15, and the final numbers show a cash flow savings to the district, and ultimately to school district taxpayers, of nearly $1.3 million, an overall a savings of approximately 11 percent, the treasurer related.
“It is really good to see that; this was definitely a worthwhile process to pursue,” Wasson said, relating that previously in February, the cost savings were projected at approximately $750,000 for the bonds that mature in December 2035.
The original bonds totaling $14,580,000 were first issued in September 2010 for the purpose of the district’s Ohio Facilities Construction Commission project to build the current Bellefontaine Elementary School and Bellefontaine Middle School along Ludlow Road, along with renovation work at Bellefontaine Intermediate School.
The bonds also were refunded during 2014 to secure a lower interest rate, as previously reported in the Examiner.