School District refinance of bond saves over $113k

POMEROY–Garfield County taxpayers received good news recently when the Pomeroy School District refinanced an Unlimited Tax General Obligation Refunding Bond, saving taxpayers $113,286 over the next four years.

“This is a direct savings to our community members in the form of taxes they expected, but will not have to pay,” said Superintendent Rachel Gwinn. These savings flow directly to taxpayers through reduced tax levies and are not available for District expenses, Gwinn said.

The sale of the bonds was completed on April 16, 2020, refinancing outstanding bonds amounting to $2,205,000.

The School Board approved the issuance of the refunding bonds at its meeting March 30, 2020. The District had been actively monitoring bond market conditions and recent low interest rates allowed the District to exceed its savings target. Interest rates averaged 1.14% on the new bonds compared to 4.52% on the old debt.