The Van Wert County Courthouse

Saturday, Jul. 2, 2022

C’view bond refunding saves $365,000

VW independent/submitted information

CONVOY — On March 6, Crestview Local School District successfully refunded a bond issue from its most recent renovation project. The refunding saved the district a total of $365,918, according to Treasurer Ashley Whetsel.

Crestview Treasurer Ashley Whetsel reads financial information during a Crestview Local Board of Education meeting. VW independent file photo

By refunding the bond issue, which is similar to refinancing a home loan, Crestview was able to take advantage of lower interest rates. Some of the bonds in the series were held at an interest rate of more than 4 percent, while the refunding allowed the district to lock in interest rates as low as 2 percent.

“Every dollar saved is a dollar saved for the taxpayers,” Whetsel noted.

The revenue generated by the refunding goes directly into retiring the bond debt, and not into the district’s General Fund, as those funds are separate from bond repayment revenues.

Whetsel worked with Dinsmore & Shohl LLP, the district’s bond counsel, and Michael Burns from the Robert W. Baird Company as underwriter, to refund the bonds.

“It was an interesting, multi-step process and the effort put forth to save the taxpayers money was the right thing to do as good stewards of taxpayer dollars entrusted to us,” Whetsel said. “We are always thankful for (taxpayers’) support, and this was our opportunity to give back to them.”

Crestview also saw an improvement in their credit rating through the bond refunding process, moving from an A1 rating to an Aa3 rating on Moody’s Bond Rating scale.

Crestview’s administration and the Crestview Local Board of Education continually review the financial health of the district to ensure that they are managing district funds in the most efficient manner possible, and to meet the goal of a quality education for every Crestview student.

POSTED: 03/29/18 at 7:39 am. FILED UNDER: News