Schools
Refinancing of School Bond May Save Residents Money, But Not Much
The district could save $1 million in reduced interest.
The Twinsburg Board of Education approved the refunding of $14.5 million in bonds Wednesday night.
The good news is that by readjusting the bonds to get a lower interest rate (two percent) it will lower the amount residents pay in property taxes.
The bad news is that it won't be reduced by much.
Treasurer Martin Aho said the district will save nearly $1 million by essentially "refinancing the bonds like you would your mortgage."
The bonds should be paid off by 2021 which is a savings of $110,000 per year. Divide that up between the taxpayers in the school district and it doesn't come out to much.
The refinancing should be completed by June 9, Aho said.
The bond was issued in 1996 to build the high school and was readjusted in 2004.
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