Parkland Bond Refi Saves $984,000
The Parkland School District and its financial advisers realized more savings than anticipated by refinancing its 2006 bonds.
The Parkland School District once again took advantage of lower interest rates to refinance its 2006 bonds and realize a savings of $984,384.86 over multiple years.
John A. Vignone, Director of Business Administration, worked with Public Financial Management and RBC Capital Markets in putting this transaction together which refunded the District’s 2006 Bonds in the amount of $8,755,000.
With interest rates reaching all-time lows, the finance team quickly completed the transaction on January 31 with results coming in much higher than the target of $350,000.
“The District’s strong credit rating coupled with low interest rates along with our Board of School Director’s trust in our administration and financial management team created the opportunity to provide the District with this significant cost savings," said Richard T. Sniscak, Superintendent of Schools. "We thank the board for approving a parameters resolution that allowed our financial team to operate in the best interest of our taxpayers.”