Roaring Fork Schools officially refinance more than $100 million in bonds
Taxpayers to save more than $600,000 annually under new interest rate structure
Roaring Fork Schools announced the closing of a refinancing of its 2016 bond issue on Wednesday, resulting in nearly an additional $100,000 in annual savings for locals than initially expected.
The district announced the refinancing of roughly $112.5 million of bonds into a lower interest rate due to market conditions. The move will save district taxpayers about $646,000 annually. Over the next 14 years, the refinancing will lead to more than $9 million in property tax savings, a press release issued by the district says.
“We have a responsibility to invest every dollar wisely, and when we have an opportunity to save taxpayers money, we seize it,” Roaring Fork Schools Superintendent Rob Stein said in the release.
The new figures are higher than the proposed ones when the move was initially sanctioned. In early July, the board of education voted unanimously to authorize the district to reissue $105.2 million for an annual savings rate of $574,000 to local taxpayers.
Citing the refinancing of debt from previous facility bond issues in February 2020, Roaring Fork Schools Chief Financial Officer Nathan Markham noted the two transactions will save taxpayers nearly $1 million annually. That deal refinanced just over $27 million to the tune of $260,000 annually for six years. The sum annual savings of the two transactions adds up to $906,000.
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The 2016 bond issue led to the completion of nearly 20 projects, highlighted by the construction of the Riverview School and the creation of an affordable housing program for educators. It was approved by roughly 60% of voters in November 2015.
The bonds are to be repaid by 2035 through a mill levy, which was quoted around $55 per year per $100,000 of residential property assessed value and $260 annually per $100,000 of commercial value. Bond maturity deadline is Dec. 15, 2035.
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Students in the woods/construction classes at Basalt High School are getting hands-on experience by building a tiny home.