Roaring Fork School District Re-1 to refinance 2004 bond issue |

Roaring Fork School District Re-1 to refinance 2004 bond issue

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GLENWOOD SPRINGS, Colorado – The Roaring Fork School District Re-1 plans to refinance its 2004 facilities bond issue, which would result in about a $180,000 annual savings to district taxpayers.

“The bond index is, I believe, currently at an all-time low, and we can realize significant savings if a refunding is completed at today’s rate,” Re-1 Assistant Superintendent of Business Shannon Pelland wrote in memo for this past week’s school board meeting.

Furthermore, it’s best to do it now, before the Nov. 2 election, she said, in the event that Amendment 61 is approved by state voters.

If the amendment passes, Re-1 and other school districts and local governments in Colorado would not be able to refinance bonds without waiting to ask voters in the subsequent November election.

Re-1 voters in 2004 approved an $86 million bond issue, which went to fund several new facilities.

Among them were the remodeled Glenwood Springs High School building and the new Roaring Fork High School building in Carbondale, plus renovations to convert the former RFHS building into the new Carbondale Middle School. A large expansion to Crystal River Elementary School was also included.

“The Government Finance Officer’s Association recommends targeted savings of 3 percent as a threshold for whether or not to proceed with a refunding,” Pelland explained in her memo. “At today’s rates, our net present value savings would be about 3.5 percent with an annual projected savings to taxpayers of slightly less than $180,000.

School board members agreed to pursue the bond refunding.

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