It’s a good move for TR taxpayers

Three Rivers Community Schools has announced the sale of its $9.6 million 2017 refunding bonds.
The bonds are being issued for the purpose of refunding the school district’s 2007 refunding bonds and to pay the costs of issuing the bonds, according to the district’s director of business operations, Sara Hermann.
This refinancing reduces the district’s payments by more than $1.2 million for the taxpayers and will occur through lower debt payments over the next 15 years.
The district’s 2017 refunding bonds were sold at a true interest rate of 2.73 percent with a final maturity in 2032.
The next refunding opportunity will be the 2008 bonds.  The current balance is about $12 million with a net interest cost of 5 percent.
The district would be eligible to refund those at approximately the same time next year; pricing in January, with a close in early February, Hermann said.

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