BEND, Ore. - Bend-La Pine Schools Superintendent Ron Wilkinson announced Friday that the school district has successfully refinanced its 2007 general obligation bonds, a move that will save taxpayers more than $3.8 million in the years to come.
"This refinance does not extend the life of the original obligation, nor does it provide additional dollars for operations or construction," said Wilkinson. "However, and perhaps more importantly, the refinancing will save district taxpayers millions over the next 12 years."
Wilkinson commends the district's finance team for their clear understanding of school finance rules and for their continuous efforts to find ways to stretch the community's financial investment in its schools.
"We are fortunate to have individuals with strong financial backgrounds in the drivers seat."
"This is the second time in less than ten years that Bend-La Pine Schools has maximized market conditions to save our community money," said Wilkinson. "In 2005 the district saved taxpayers nearly $12 million in interest charges by refinancing bonds issued in 1998 and 2001."
Wilkinson said realizing savings of this magnitude also creates an opportunity to deliver future schools and maintenance projects without raising the current tax rate.