Mantua – The Ides of March were very kind to Crestwood Local Schools and its taxpayers. Looking for ways to save money, Crestwood Local Schools refinanced their bonds on March 15 for their two elementary schools and will see a $550,000 savings over the remaining life of the bonds.
“We’ve been keeping an eye on the rates for quite some time and struck when we’d benefit with the most savings,” said Carol Corbett, Crestwood treasurer/CFO.
The district is currently about half way through their 23-year bond issue, which was approved by voters in 2000. Collectively, taxpayers in the district will save about $40,000 a year and see a slight adjustment in their 2012 taxes.
“It may not be that noticeable to our community on their tax bill, but the savings are there,” Corbett said. “We continue to do everything we can to spend responsibly and keep taxes low.”
The advantage to refinancing was allowed because the district made it a stipulation of the bond issue when it was initially drafted in 2000. Corbett stated that the district started the second official statement process last summer, but the market wasn’t favorable until now.
“Just like in business, you need to create flexibility and options,” said Gregg Reink, director of administrative services. “If the opportunity comes up, you can be prepared to take advantage of it. The district did that and we’ll save significant dollars as a result.”