School District Refinances, Saves Taxpayers Almost $500,000
This is the eighth time Hamilton has refinanced their debt, creating over $12.5 million in savings.
After refinancing its $5.84 million in debt, the Hamilton School District has saved taxpayers $475,000.
The school board approved the refinancing during Monday night’s meeting. It’s the eighth time the school district has done it since 2001 creating a total of $12.6 millions in savings overall. This year’s lowest competitive refinancing bid came in at less than 1.7 percent.
Business Services Assistant Superintendent Bryan Ruud addressed the board members and said the money is practically going right back to taxpayers.
“We’ll be using those savings to help taxpayers by lowering the tax levy and balancing everything out,” Ruud said. “Now there’s $12.6 million is savings have truly gone back to taxpayers.”
In addition, the Hamilton School District was rated again as “Aa1,” a rating they achieved a few years ago, according to Ruud. The rating is issued by Moody’s Investor Service, is the second highest grade possible, and according to the district, the highest possible rating an organization of Hamilton’s size can achieve.
Ruud said this new financing plan will even out payments without extending debt beyond the maturity date in 2022.