The Ann Arbor Public Schools Board of Education has announced the anticipated refinancing of district bonds, which is expected to result in a savings to taxpayers of between $2-3 million.
The district plans to refinance the 2006 School Building and Site Bonds through Seibert Brandford Shank & Co. L.L.C., the district’s underwriters, to take advantage of the lower interest rates resulting in an estimated savings on interest for taxpayers.
“We are excited to leverage the historically low interest rates to benefit our taxpayers,” said Board of Education President Deb Mexicotte. “Just like when a homeowner seeks just the right time to refinance a home mortgage at a lower rate, we are taking advantage of this excellent opportunity to realize savings on behalf of our Ann Arbor Public Schools taxpayers.
“Reducing the interest rate on the debt of this district is a win-win for the district and our taxpayers,”
AAPS anticipates the refinancing to occur in 45-60 days. AAPS plans to refinance $34,575,000 in bonds.
AAPS will report the refinance interest rate and exact savings as soon as the bonds are sold.