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Board ratifies bond sale, staff says it will save about $1.7 million in interest
Summary
The board approved a ratifying resolution for the sale of Series 2 bonds and related 2016 bond program loans, with staff reporting about $1.7 million in estimated interest savings and an additional $615,000 projected from twice‑annual payments.
The Southgate Community School District board voted March 10 to ratify the sale of Series 2 bonds and to include 2016 bond program loans in that sale, a move staff said will lower the district’s interest burden.
A district finance staff member told the board the district fetched competitive interest rates and that its credit rating enabled savings. "We are able to save taxpayers the amount of 1,700,000.0, based on the lower interest rate," the presenter said, and added that adopting a twice‑annual payment strategy would yield an additional roughly $615,000 in interest savings.
The board moved and approved the ratifying resolution by voice vote without recorded opposition. Board members thanked staff and noted the lower interest as positive for taxpayers.
The ratification completes the board’s action to finalize the sale as previously discussed; staff did not present a detailed repayment schedule at the meeting. Staff noted the savings were estimates based on current market conditions and the final legal documents for the sale.
