The bonds, originally issued in 2003, were issued with an average interest rate of 4.125%. The refunding bonds were sold April 11 with varying rates, averaging 2.87%. The refunded bonds will mature over the same 13-year time period.
“This refinancing was very beneficial to the taxpayers of Oakwood Schools. We were able to take advantage of a lower interest rate market than when the bonds were originally sold, which at that time was at historic lows. This refinancing helps the taxpayers, but does not create any additional money for the school district,” Oakwood Schools Treasurer Kevin Philo said in the release.