Plymouth-Canton Schools Save $8M by Refunding Bonds

The Plymouth-Canton Community Schools saved taxpayers more than $8 million by refunding bonds, officials announced at Tuesday night's school board meeting.

The district saved 7.9 percent on refunding 2003 bonds and 12.82 percent on 2004 bonds, according to a final bond refunding report, prepared by Brodie Killian, the district's executive director for business services. In present value terms, the savings are worth $8.1 million.

According to the report, there are several reasons for the savings, including:

• historical lows in municipal bond interest rates
• a strong credit rating (Double A)
• a bond issue of more than $60 million, which attracted large institutional buyers

"Any time you see double digit savings figures, it's a real rarity and we should be proud of that," Killian said. 

Other Items Discussed

• The board approved a bid for science and bathroom remodeling for Starkweather Academy's Fiegel Building.
• The board approved the technology curriculum for grades K-5.
• The board discussed a proposal for adding a dean of students position at Starkweather Academy.