Board mulls bond refinancing for $800,000 savings

The Waterford Schools Board of Education listened to information items regarding the refunding of district bonds at a Thursday, Jan. 20 meeting.

The board received a resolution which would authorize it to issue bonds not exceeding $24.4 million to refinance 1999 Series II and Series III bonds.

It was indicated that the district has already received preliminary qualification from the state Department of Treasury and the School Bond Loan Program.

The board is scheduled to vote on the refinancing at its next meeting on Thursday, Feb. 3.
In March 2009, the board approved the refinancing of the district’s 1999 Series I bonds not exceeding $7.6 million.

The original bond issue was approved by district voters on March 30, 1999 and the bonds were sold on June 1, 1999 to pay for capital improvement projects including classroom additions at district schools. The bonds were issued at $15 million.

Director of Finance and Budget Bill Holbrook said some of the projects included classroom remodeling, new boilers and buses, restroom remodeling and other general site improvements such as parking lot repairs.

He added that the Series II and III bonds were issued in 2001 and that the district will save over $800,000 in interest expense with the refinancing.