AYERSVILLE — The Ayersville Local School District, with assistance from Hilltop Securities Inc., partially refinanced its outstanding Series 2015 bonds to take advantage of favorable bond market conditions. The $9,654,995.90 refinancing will save district taxpayers $540,068.94 in gross debt service over the life of the bonds.
This refunding marks the second refinancing completed to reduce interest on the district’s bonds since the bonds were originally issued in 2015 for school construction and renovation. Including both refundings, the district has saved the district residents $912,403.09 in gross debt service.
The bonds are a voted debt of the district, and therefore the interest savings directly passes through to district taxpayers by reducing the amount of property taxes collected to service the debt.
District superintendent Don Diglia, treasurer Abby Sharp and the board of education strive to take advantage of every opportunity to reduce taxes for the district’s constituents. Management’s decision to capitalize on favorable bond market conditions provided an opportunity to save money for the community.