School District 38 bond refinancing to save taxpayers over $1.9 million

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MONUMENT, Colo. — Lewis-Palmer School District 38 (D38) expecting to save taxpayers $1.9 million by refinancing bonds at a lower interest rate.

The bonds in question fund the schools and are typically used for capital investments large, one-time expenses such as a building. The move to refinance, though, will make a big difference.

“We knew that with interest rates going down it was worth us taking a look,” Board Treasurer Ron Schwarz said.

With D38 refinancing the bonds, this will free up capital from the taxpayers’ standpoint for future investments.

“We realized if we refinanced them, we could have a significant impact on our taxpayers without having any negative impact on any operations that the student, staff, or district level,” Schwarz added.

He highlighted that the savings will go directly to taxpayers through lower future tax collections.

“It goes directly into their pockets,” he said. “They’ll see a small reduction for the next 8 years actually totaling 1.9 million dollars across all the taxpayers.”

The measure has unanimous support from the Board of Education and the District’s Administration.

“Everybody on the board and everybody on the districts administration was unanimous in agreement that we should do this, we should do this swiftly, and to the district’s credit this was not a slow, arduous government event, this entire process happened, the decision process, the diligence process happened in a matter of about 3-4 weeks. And then we turned on our capital funding entity, and they worked with their underwriters, and everything happened about 10 to 20 days after that, and we were fortunate to lock in at a good time,” Schwarz said.

District 38 trying to make the best decisio ns at the right time.

“The good fortune here is that if there was any time to do it this was the time,” voiced Schwarz.

Calling this a wonderful opportunity to take a look at what the district has while making sure to maximize their constituent’s dollars.

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