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EAGLE COUNTY, Colorado — Eagle County school district saved nearly $1.3 million in a recent bond refinancing.
“We did it to save taxpayers money,” Chief Financial Officer Phil Onofrio said.
The district refinanced a $16.4 million bond that dates back to 1999. That bond was a refinancing of money the district borrowed in 1994 for school construction projects.
The new average interest rate for the bond is just under 2.7 percent. The old interest rate was just under 4.9 percent. The savings amounts to $1,269,000 or nearly 7 percent of the refunded bonds.
George K. Baum & Company in Denver assisted with the refinancing.
“We did it to save taxpayers money,” Chief Financial Officer Phil Onofrio said.
The district refinanced a $16.4 million bond that dates back to 1999. That bond was a refinancing of money the district borrowed in 1994 for school construction projects.
The new average interest rate for the bond is just under 2.7 percent. The old interest rate was just under 4.9 percent. The savings amounts to $1,269,000 or nearly 7 percent of the refunded bonds.
George K. Baum & Company in Denver assisted with the refinancing.
