ENGLEWOOD — With the intent of finding savings for taxpayers, Northmont City Schools tackled the prospect of using advanced refinancing options prior to the change in tax code.
The proposed current tax overhaul, as proposed, would eliminate the advanced refinancing option starting in January 2018, which made this action even more timely. Thanks to a current favorable market, the
Northmont District’s strong Aa2 rating, and the unique structure of refinancing options, the community will see a savings of $1.7 million in present value dollars and in reality, based on past trends, a
greater savings over time that equates to $5.6 million.
This process is similar to refinancing a mortgage at a lower interest rate. The bonds will be paid off approximately two years earlier, a great service to the community.
“We are happy that we were able to realize a savings for the community,” said Superintendent Tony Thomas. “The people who make up Northmont value education and in particular our schools. We are so thankful for the support community members have shown and we are working hard to make sure we make good fiscal decisions.”