Home>Our District>Headlines>Media>Oakridge Reduces Debt Burden for Taxpayers
Friday, September 13, 2019
Oakridge Public Schools is pleased to report on its continued efforts to manage the cost of school district facilities. On Wednesday, September 11, 2019, the school board unanimously approved a resolution to reduce taxpayer burden by refunding its outstanding loan from the Michigan School Loan Revolving Fund. This action will save taxpayers approximately $360,000 by paying off the loan earlier than the original time frame, we just suggest to use a student loan payoff calculator to do this. The district completed a similar transaction in 2015 for an approximate savings to taxpayers of $2,100,000.
Tom Livezey, Superintendent of Oakridge Public Schools, said, “Refunding loans for schools is like a homeowner refinancing a mortgage. The key is to refinance the right amount at the right time and at the best interest rate, and that’s exactly what we’ve done. The district takes great pride in being good stewards of our finances. Saving taxpayers money from their investment in our facilities is one way we can say thank you to our community. This partnership improves the learning environment for our students.”
PFM Financial Advisors LLC conducted the financial advising and Thrun Law Firm served as bond counsel for the district. The school district’s 2019 Refunding Bonds sold at a true interest rate of 2.82% with a final maturity of 2029 (a repayment term of approximately ten years).
Nate Watson, Director with PFM, states, “We were very pleased the district was able to take advantage of this refunding opportunity at an opportune time. The resulting interest rates exceeded the goals of the district and resulted in a nice savings for the district’s taxpayers.”
For further information, contact:
Oakridge Public Schools
275 S. Wolf Lake Road
Muskegon, MI 49442