MUSKEGON, Mich. — Taxpayers in the Oakridge Public Schools District will be saving a couple more dollars.
The district announced Friday that the debt burden for taxpayers has been reduced significantly because of a recent resolution.
On Wednesday, Sept. 11, the school board unanimously approved the refunding of an outstanding loan from the Michigan School Loan Revolving Fund. According to the district, the move will save taxpayers about $360,000 by paying off the loan earlier than the original time frame.
The district has done a similar transaction in the past, saving taxpayers $2.1 million in 2015.
Tom Livezey, Superintendent of Oakridge Public Schools, issued the following statement regarding the announcement:
"Refunding loans for schools is like a homeowner refinancing a mortgage. The key is to refinance the right amount at the right time and at the best interest rate, and that’s exactly what we’ve done. The district takes great pride in being good stewards of our finances. Saving taxpayers money from their investment in our facilities is one way we can say thank you to our community. This partnership improves the learning environment for our students."
PFM Financial Advisors LLC conducted the financial advising and Thrun Law Firm served as bond counsel for the district. The school district's 2019 Refunding Bonds sold at a true interest rate of 2.82% with a final maturity of 2029 -- a repayment term of approximately 10 years.
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