Treasurer's Assistant (Student Activities, Athletics, Building Accounts, Grants)
Treasurer's Assistant (General Fund, Lunchroom, Inventory, Benefits)
Treasurer's Assistant (Payroll, Benefits)
Ross LSD Saves Taxpayers $2,043,589 through Bond Refinancing
On August 23, 2016 Ross Local Schools refinanced $8,950,000 in outstanding bonds originally issued in 2006. Just like a homeowner can refinance their mortgage to take advantage of lower rates, a district can refinance their outstanding debt when interest rates move downward. The refinancing of this prior debt will save the district approximately $2,043,589 over the next twelve years. This savings will be reflected in lower property taxes to District residents over the life of the bond issue.
The 2006 bonds were originally issued with an average interest rate of 4.31%. The District was able to lock in historically low interest rates. The refunding bonds were sold on August 23rd at varying interest rates, averaging 2.07%.
Through the refinancing process the District received confirmation of the District’s excellent Aa2 credit rating from Moody’s Investors Service. The Moody’s credit rating report cited the District’s healthy fund balances, stable assessed valuation base, and favorable location in the Cincinnati metro area as factors for this excellent credit rating.
RBC Capital Markets (Cincinnati) served as the underwriter for the refunding bond sale.