CENTENARY — The Gallipolis City School District Board of Education, with assistance from Hilltop Securities Inc., refinanced outstanding school construction and improvement refunding bonds in December to take advantage of favorable bond market conditions.
The $13,165,000 refinancing will reportedly 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 refinancings 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 Gallipolis City Schools 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, said the school in a release.
“Our community and local businesses contribute a lot to the school district,” said Wright. “Our success is a result of community partnerships and contributions from our district taxpayers. We can never fully repay the taxpayers for everything they’ve done for us and the students that we serve. The wonderful facilities that we utilize today were purchased by the residents of our community. They invested their hard-earned money in Gallipolis City Schools in order to improve the quality of education that our community deserves. It is our fiscal responsibility to give back to our taxpayers and insure their investment is managed wisely. This refunding was possible due to the efforts of Beth Lewis, our treasurer, and the Gallipolis City Schools Board.”