11/21/2023
Northwest Local School District Saves Taxpayers $63,918
Northwest Local Schools recently utilized the current higher interest rate market to earn $63,918 for the community. The District was able to achieve this by investing for the final two weeks of the uninvested period on the refunded bond proceeds escrow account for the District's Series 2015 Bonds that were refunded/refinanced in 2019. These interest earnings will be used to offset the original 2015 bond principal and interest payments, savings that will directly impact our property owners.
“The District achieved an interest rate of 5.29% for the final two weeks of the uninvested period on the escrow account. These are great results for the Northwest Local Schools community. We saw an opportunity to save our taxpayers money and we took advantage of that opportunity,” said Amy M. Wells, CFO/Treasurer of the Northwest Local School District.
“As an advocate for our community, realizing opportunities to reduce tax dollars is an important part of our stewardship,” said Wells. “When voters approve school bonds and levies, they are expressing their faith that the administration will be vigilant stewards who safeguard the investment the community entrusts to us. We’re making every effort to do just that.”
The District's Series 2015 Bonds were refunded/refinanced in 2019 saving homeowners and businesses in the District approximately $3,765,000 over the remaining 26 years. The Series 2015 Bonds were issued for new construction (including three new elementary schools), improvements, renovations and additions to school facilities, providing equipment, furnishings and site improvements in accordance with the District’s master facilities plan.
NWLSD maintains their Aa2 rating, an indicator of strong financial stability through Moody's Investor Services, which allows the District to achieve the lower bond interest rates.