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Ross Schools to Refinance Bonds

posted Feb 28, 2012, 8:21 AM by Website documents   [ updated Feb 28, 2012, 8:25 AM ]

At a Special Meeting on February 2, 2012, the Ross Local School District Board of Education voted to refinance the 2003 School District Bonds originally voted on by the residents of the School District on November 5, 2002. The Bonds were used for the purposes of constructing Ross High School and building additions to Elda Elementary School. The Bonds were originally issued in the amount of $24,900,000 and are currently at an interest rate of 4.48%.  

Current interest rates allow the School District to refinance certain portions of the original Bonds at lower interest rates, currently estimated to be 2.25%, thereby producing a total savings in interest to the District and its tax payers of $1,100,000. School Board Officials will decide to pursue this opportunity as quickly as possible since interest rates are fairly volatile and can change at any time.  

The Ross Local Schools may also consider the ability to use the savings to support ongoing capital improvement and maintenance needs of the District. The savings cannot be used for the daily operation of the district. The District previously refinanced other parts of the 2003 Bonds in 2006, saving taxpayers $836,500 at that time.

February 3, 2012