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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.”

Michael Keaton February 23, 2012 at 12:26 PM
will they reduce the massive tax increase that is proposed now? I thought so
Timothy O'Brien February 23, 2012 at 05:18 PM
Can't agree more with the above comment. The District saves nearly $1M and our taxes still increase...it's the impact of all these pensioners and recent retirees on the budget...at what 80% salary? Socially irresponsible!
SWT Resident February 23, 2012 at 06:22 PM
What will happen with all these people that purchased a home by the skin of their teeth in Parkland SD...when the school taxes go up a total of 40% in the next 8-10 years...we'll be right back to where we were 2-3 years ago with jumbo mortgages resetting and driving the cost of a home owners mortgage through the roof and the owner not being able to afford to pay the increased taxes. These districts will not be happy until there is no residents left to pay school taxes...OR the district becomes home owner, taking homes for lack of their owners being able to afford to pay the taxes. Slowly getting rid of teachers will be the only answer as the district moves to cyber schooling like has been done in other 2nd class world nations...that are now passing us with better economies and they've jumped way over us up the educated kids ladder.

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