During the June 9 meeting, the Board of Education approved a resolution that will allow the district to refinance approximately $5.6 million in bonds issued a 2006 to ultimately save tax payers dollars. The sale should allow taxpayers to save $1.78 million over a 14 year period and is similar to a deal the district executed in 2013 that provided a net present value savings of 7.38 percent to taxpayers.
Just like in your personal mortgage, when interest rates drop you can refinance to reduce your monthly payments. The district has taken the extra step to watch the bond market closely in order to reduce our projected bond millage, which equates to savings for taxpayers. This is just one more example of how Hilliard City Schools is ensuring a fiscally responsible financial management plan while providing an excellent quality education for students.
Hilliard Schools is not only being innovative in our classrooms, we are also leading the way in our operations and financial management. We strive to control costs and save money where we can because we care about our community. Thanks to our supportive residents, caring staff members and hard working students, we are continuing to ensure that everyone in our community is ready for tomorrow.