May 27, 2016 – The North Baltimore Local School District Board of Education unanimously passed a resolution at the May 24th meeting authorizing the District to move forward with a refinancing of a portion of their 2009 Bonds.
In the current interest rate environment, $4,710,000 of the District’s 2009 bonds that currently have an interest rate of 5.15% can be replaced with bonds carrying an interest rate of approximately 3.00%, resulting in a savings of more than $800,000 to the taxpayers of the District. The District currently plans to issue the new bonds in the next couple of months to take advantage of this opportunity. All savings numbers described above are subject to market conditions and likely to change, possibly significantly.
Tax-exempt interest rates have been trending downward over the past several years. Over the last five years many Ohio school districts have taken advantage of lower interest rates by refinancing debt that was previously issued at higher interest rates.
Questions should be directed to:
Treasurer Eve Baldwin
North Baltimore Local Schools
419-257-3531 [email protected]
