The Gallipolis City School District Board of Education, with assistance from Hilltop Securities Inc., refinanced outstanding School Construction and Improvement Refunding Bonds to take advantage of favorable bond market conditions. The $13,165,000 refinancing will save District taxpayers $901,147.35 in gross debt service over the life of the bonds.
This refunding marks the fourth refinancing completed to reduce interest on the District’s bonds since the bonds were originally issued in 2006 for school construction.
After all refinancing’s were completed, the District has saved the residents of the community $3,670,387.34 in gross debt service, and reduced the repayment of the debt by two full years. The debt was originally set to be paid off in 2033 and will now be paid off in 2031. This early payoff was accomplished while reducing the repayment of the debt every year of the bond issue.
The Board of Education which is composed of President Morgan Saunders, John O’Brien, Lynn Angell, Amee Rees and Troy Miller, Superintendent Craig Wright, and Treasurer Beth Lewis want to take every opportunity to reduce taxes to the constituents they serve, and with favorable bond market conditions, this refinancing provided another great opportunity to save money for the community.