Orange Achieve Savings of Nearly $1.5 Million
The Orange City School District announced today to the community that it has confirmed the final numbers on its recent bond refinance which will save the District $1,478,986 in debt service costs over the next 10 years. These bonds were issued for building the current Moreland Hills School and a wide variety of other campus and facility improvements that voters authorized in 1998. Both outstanding principal and future interest costs are significantly lowered through this transaction.
“Favorable market conditions permitted refinancing all outstanding voted debt at the same time,” said Mr. Todd Puster, Treasurer of the Orange Schools. “This savings is an affirmation of excellence in Board of Education fiscal leadership and administrative financial management.”
The current favorable market conditions permitted refinancing all outstanding voted debt in a single transaction. Both outstanding principal and future interest costs are significantly lowered through this transaction leading to a lower trajectory for tax rates. The timely completion of this transaction was considered important as the forecast direction of interest rates remains higher.
The District’s recent affirmation of its AAA Rating from Standard and Poor’s (S&P) Global Ratings and Aaa Rating from Moody’s Investors Service contributed to the reduction in debt service costs. Orange is the only K-12 Ohio School District to hold the top credit rating from two agencies, which it first earned this status 13 years ago.
Please visit the Treasurer's webpage for additional financial information