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Rochester Community Schools is pleased to announce that the Board of Education approved a resolution to accept the 2012 refunding bond pricing for the 2004 outstanding bonds at their regular meeting held on Monday, August 13, 2012. This will result in a savings to taxpayers of $2.9 million over the next seven years. The prior debt service total cost for years 2013 through 2020 was $35,190,000. The approved refunding debt service pricing reduces this amount to $32,307,807.
The $2.9 million savings is the result of a reduction in the interest rates associated with the cost of the bonds approved by the voters in June, 2004. “We are very pleased that this bond refinancing will save over $2.9 million in interest costs over the remaining life of the bonds,” said Dan Romzek, Assistant Superintendent for Business. “The current low interest rates in the municipal bond markets have provided this excellent opportunity for the district to achieve savings on the interest rates set in the 2004 bonds. By seizing this opportunity, we have been able to achieve interest savings of 7.9%.”
Proceeds from the 2004 Bond were used to renovate and expand Van Hoosen and Reuther Middle Schools, renovate Alternative Center for Education high school, upgrade athletics, replace technology, and facility renewal.