The Director of Business Administration at Parkland School District, John Vignone, discussed the District’s Bond Refunding savings for the District’s 2007 Bonds at the School Board meeting on Tuesday night.
In October, a financial team including representatives from Public Financial Management and RBC Capital Markets presented the Board with a bond refunding opportunity to help save the district money. The Board issued and approved the parameters of the Bond sale and the Bond hit the market during the last week of November. This Bond refinance was projected to save the District approximately $500,000.
According to Vignone, interest rates were at an all-time low in late November, which is when the financial team pushed the Bond onto the market. The total savings brought in from the bond was approximately $1,281,950.
The Board has refinanced two other bonds over the last two years and has refinanced over $3.3 million from these three projects.