Just as consumers are taking advantage of historically low mortgage interest rates to refinance mortgage loans or purchase homes, Troy School District 30C is seizing the opportunity to save taxpayers money by refinancing bonds.
The school board approved a resolution to not exceed $6.55 million taxable general obligation refunding school bonds for refunding purposes at its monthly meeting last week.
By refunding the 2005B bonds, taxpayers will save $805,323.
“We are refinancing bonds to seek savings for the taxpayers,” Supt. Don White said.
“Bond interest rates are historically low,” school board President Anthony Andreano added, “so it makes sense to take advantage.”
Over the next month, the board will receive a bond rating and approve the price of the bonds. The board will close the bond issue Dec. 19.
With the bond refinancing, the board approved a resolution regarding the estimated amount necessary to be levied for 2012 at $38.3 million.
The amount represents a 2.7 percent increase over the previous year, business manager Diane Cooper said, but is lower than the Consumer Price Index of 3 percent. The levy is based on a 2 percent decline in equalized assessed valuation.
“This is what the board is asking for, not what the board gets,” White said.
The board will hold a truth-in-taxation hearing on the levy at 6:45 p.m. Dec. 19.
The 2012 levy, which represents what the district estimates for operating costs in the current and next budget year, must be filed with the county clerk by Dec. 24.
Also at the meeting, board members and families congratulated students of the month for October.
Troy Middle School students of the month are seventh-graders Antonio Arcos-Viniegra Nicole Barlik, Jake Heppner and Lauren Landando, and eighth-graders Daniel Angeles, Noah Plunge, DeShonte Smith and Daiyana Young.
Students of the month at William B. Orenic Intermediate School are sixth-graders Zoe Manning, Peter Mbi, Julian Perez, Ethan Pranckus and George Sudar.