The Port Clinton City School District has announced that its recent bond refinancing efforts will save district taxpayers $3.3 million in future debt service costs. As a result, local property owners will see a decrease in the Port Clinton City School District portion of their tax bill starting next year.
Port Clinton City Schools Treasurer Jeff Dornbusch recently worked with the Board of Education, Supt. Patrick Adkins and an outside financing group to refinance a portion of its bond loans. These loans were originally executed in 2010 after the community approved a levy issue to build new schools.
These bonds were refinanced in 2014 that saved over $1 million dollars in interest costs and now school officials were able to save an additional $3.3 million.
“This is great news for our district and our taxpayers,” said Dornbusch. “The District was able reduce the interest rate on our facilities bonds from approximately 3.9% to 2.21%. This created a very substantial $3.3 million savings over the life of the loan.”
The bonds are scheduled to be paid in full by December 2041, a little over 21 years. Bond issue refinancing savings reduce bond issue property taxes over time. Tthey do not go to the district for operations.
Find out more about Port Clinton City School District and treasurer reports under the “About Us” tab at www.pccsd.net.