The school district refunded the remaining $7,735,000 on bonds from 2009, which went toward new technology, replacing roofs, buses, and energy updates for buildings such as boilers, doors, lighting and windows.
The expected savings is a little more than $485,600 with the new 1.99 percent true interest rate, down from 4.26 percent, noted Lisa Danicek, director of information services for GHAPS.
The lower debt payments will take place for the next eight years until the final interest and principal payments are made in May 2025.
“The proposed changes to the tax code potentially ends our ability to advance refund bonds,” Danicek said. “We want to take advantage of interest savings for our tax payers, so we are choosing to refund/refinance these bonds now under the old tax code.”
To assess their credit quality, the district worked with PFM Financial Advisors LLC — the district’s financial advisor. GHAPS received an “Aa3” underlying rating, which the rating agency credits to the district’s tax base size, stable enrollment and residential incomes.
Superintendent Andy Ingall thanked the community for their continued support of the district.
“We are incredibly grateful for the support, value, and trust our community has shown by supporting bond requests,” Ingall said. “Additionally, we are happy to have the opportunity to refund these bonds and save our taxpayers valuable money during repayment.”