Gahanna-Jefferson Public Schools Refinances and Saves Money

Posted: 12/15/2017 Categories: District News, HOMEPAGE Headlines, Lincoln High School News, Blacklick Elementary News, Chapelfield Elementary, Goshen Lane Elementary News, High Point Elementary News, Jefferson Elementary News, Lincoln Elementary News, Royal Manor Elementary News, Middle School South News, Middle School East News, Middle School West News
The Gahanna-Jefferson Public Schools recently refinanced a portion of its outstanding debt to achieve cash flow savings of $523,300. The bonds, in the amount of $8,780,000, were originally issued to finance energy conservation projects and the District’s Learning Center. The final maturity of these bonds is 2028.

Interest rates are lower now than when the District originally issued the debt. The District conducted a competitive request for proposals that included over twenty local, regional, and national banks. The District’s refunding garnered a new interest rate of 2.11%. The District’s old rate on the bonds was just under 4.00%.

The School District’s savings exceeded minimum standards set by national organizations. Those organizations suggest savings should achieve a current value of at least 3-5% of the debt being refinanced. The Gahanna-Jefferson City School District’s savings totaled 5.33%.

The District was assisted in the refinancing by the law firm of Bricker & Eckler LLP and the municipal advisory firm of H.J. Umbaugh & Associates LLP, both of Columbus, Ohio.

The savings of $523,300 will be a direct cost reduction in the general fund of the School District. The refinancing closed on December 14th.

“We remain focused on the changing market conditions and will look at future ways of saving the District’s taxpayers money," said Kristine Blind, Gahanna-Jefferson Public Schools' Treasurer. "This refunding ties into the administration’s plans to comprehensively review the District’s financial footprint, including debt management, long-term capital planning, and District operations.”

Gahanna-Jefferson Public Schools Refinances and Saves Money

Posted: 12/15/2017 Categories: District News, HOMEPAGE Headlines, Lincoln High School News, Blacklick Elementary News, Chapelfield Elementary, Goshen Lane Elementary News, High Point Elementary News, Jefferson Elementary News, Lincoln Elementary News, Royal Manor Elementary News, Middle School South News, Middle School East News, Middle School West News
The Gahanna-Jefferson Public Schools recently refinanced a portion of its outstanding debt to achieve cash flow savings of $523,300. The bonds, in the amount of $8,780,000, were originally issued to finance energy conservation projects and the District’s Learning Center. The final maturity of these bonds is 2028.

Interest rates are lower now than when the District originally issued the debt. The District conducted a competitive request for proposals that included over twenty local, regional, and national banks. The District’s refunding garnered a new interest rate of 2.11%. The District’s old rate on the bonds was just under 4.00%.

The School District’s savings exceeded minimum standards set by national organizations. Those organizations suggest savings should achieve a current value of at least 3-5% of the debt being refinanced. The Gahanna-Jefferson City School District’s savings totaled 5.33%.

The District was assisted in the refinancing by the law firm of Bricker & Eckler LLP and the municipal advisory firm of H.J. Umbaugh & Associates LLP, both of Columbus, Ohio.

The savings of $523,300 will be a direct cost reduction in the general fund of the School District. The refinancing closed on December 14th.

“We remain focused on the changing market conditions and will look at future ways of saving the District’s taxpayers money," said Kristine Blind, Gahanna-Jefferson Public Schools' Treasurer. "This refunding ties into the administration’s plans to comprehensively review the District’s financial footprint, including debt management, long-term capital planning, and District operations.”