Bond Update: May 2020

Bond Update: May 2020

Bond Refinancing Saves Taxpayers Over $5.3 Million

 
 

The Bethel School District has taken advantage of low bond interest rates to save taxpayers money. A recent refinancing authorized by the Board of Directors will result in savings of $5,373,353 for taxpayers over the next seven years.

“This was a great opportunity to demonstrate good fiscal stewardship and save our taxpayers a significant amount of money,” said Superintendent Tom Seigel. He emphasized that the savings will go directly to taxpayers through lower future tax collections.

“This is money that will now stay in our community and local economy, rather than go to pay interest on outstanding bonds.

The savings will also help the district promote future tax rate stability as it sells the remaining bonds approved by voters in 2019,” said Seigel.

The district garnered a rate of 1.43% on the new bonds. This compares to 4.00% on the bonds being refinanced.

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