District will save millions from recent refinancing of the 2015 Building and Site Bonds
Aug. 10, 2021
Midland Public Schools on Monday announced some significant taxpayer savings due to the recent refinancing of the 2015 Building and Site Bonds.
In his communique Monday, Superintendent Michael Sharrow reported that financial consultants have estimated the district initially will save $2 million, a feat made possible by multiple factors, including:
• Exemplary financial position (good credit rating)
• Creative refinance structuring
• Favorable market conditions (savings realized were almost 75% higher than initially projected)
Once finalized, the effort resulted in saving taxpayers almost $3.5 million on its current debt obligations, according to Sharrow’s Monday communique. The savings will result in lower tax burdens on Midland Public Schools stakeholders over the life of the debt.
“Midland Public Schools’ Board of Education and Administration remain sincerely appreciative to our voters for their trust in passing the 2015 bond initiative,” Sharrow stated in the communique. “The district’s commitment to maximizing the impact of the taxpayers’ investment continues to be a top priority.”
Midland Daily News