Parkland Saves almost $1.3 Million in Bond Refinancing

Parkland administrator credits careful planning and the looming fiscal cliff for the Nov. 28 bond refinancing projected to save the district almost $1.3 million.

  Parkland school directors got an early Christmas gift Tuesday night when Director of Business Administration John Vignone announced the district will save $1,281,950 over the next several budget years due to a well-timed refinancing of their 2007 series bonds. Directors gave the go ahead to refinance in October - setting a minimum savings threshold of $500,000. Over the past 14 months, the district has refinanced three bonds for a total savings of more than $3.3 million. Vignone said their most recent success was due in part to Parkland's favorable credit rating and the looming fiscal cliff. "We’ve heard it over and over the past few weeks that it's because of the fiscal cliff," Vignone said. "Municipal bonds are some of the safest …

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