Springhill school district to benefit from bond refunding
Springhill (District 8) tax payers will see the benefits of a bond refunding that was approved by the State Bond Commission in August.
The Webster Parish School Board voted unanimously in July to go forward with a request to the state to refinance the $9 million bond which was approved by voters in 2005.
"It is similar to the refunding that was done in District 6," said Trevor Haynes, representative for parish bonding attorney firm Foley & Judell. "Based on current market conditions, we expect to save taxpayers more than $300,000 over the course of the bonds. That amounts to four percent of the principle and anything above three percent is what the bond commission looks for when approving bond refunding."
According to the Louisiana State Treasurers' office, District 8's savings will total $355,815 over the life of the loan.
"This is a no-brainer, and we need to go for this," Steve Dozier, superintendent of Webster Parish Schools said during the July board meeting. "Just like we saved District 6 (Minden) about $750,000 for their bond, we will save Springhill district around 300,000 with their bond. This is a great deal."
District 6's bond refinance was approved in June and saved more than $763,000 on a $12.5 million dollar loan.
The State Bond Commission approved a total $4 million in savings in refinanced existing public debt, throughout the state.