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Parkland School Board Hopes to Repeat $1.2 million Savings in Next Refinancing

Parkland School Board directors will decide on a threshold amount that will serve to launch the refinancing process for its 2007 series bond at its meeting Tuesday.

 

Parkland School Board directors will vote on a resolution next week that could save the district at least $500,000.

During a workshop discussion Tuesday, the district's financial adviser, Scott Schearer of Public Financial Management Inc., told directors the time to refinance their 2007 series bonds is coming up in February.

Next week, directors will vote on a threshold number - $500,000 was the number discussed that seemed to appeal to most. This way financial advisers can act quickly on low-interest-rate opportunities that would save the district at least as much money as the threshold amount, without added approval from directors.

In the past, Parkland has been very successful with this method, managing to at least double its savings and even save as much as $1.2 million.

Schearer also opened the conversation about possible borrowing scenarios the district can take advantage of to pay for the $24 million in projects identified in its feasibility study. In the study, renovations and improvements to Kratzer Elementary top the list.

 

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