Quaker Valley School District has saved $400,000 with the refinancing of bonds. On January 12, 2021, the Quaker Valley School Board finalized refinancing approximately $6 million in bonds.
The bonds were issued in 2016 to refinance bonds first issued in 2010 and 2011 to pay for renovation and expansion at Quaker Valley Middle School.
"We were fortunate to take advantage of favorable rates and save the district taxpayers thousands in future debt payments," explains Director of Finance and Operations Scott Antoline. "This refinancing was a planned step to help reduce our debt burden and allow for some additional capacity to help limit future tax increases associated with our long-term capital project needs."
The Quaker Valley School Board unanimously agreed to authorize the refinancing at the November 17, 2020, board meeting.
"The Board is very pleased with the results of this debt refinancing and significant savings for the District and its taxpayers. Our finance team has been monitoring the market for such an opportunity, which resulted in savings that exceeded initial expectations. We appreciate their efforts as we continue to develop a fiscally responsible plan for the District's future, including the new high school project," adds Jonathan Kuzma, Quaker Valley School Board President.