Press release

Colonel Crawford Local Schools has taken advantage of historically low interest rates in the bond market and embarked on an aggressive bond refunding campaign starting in 2014.

The District’s most recent effort was completed earlier this month with PNC Capital Markets when they issued $8,805,000 of Refunding Bonds to refinance its 2007 bond issue which refinanced bonds originally issued in 2003 to build the new elementary and middle school buildings. The original bonds were issued as a part of the District’s construction program which provided for the various school facilities improvements approved by voters in May of 2003. Emily Cannon with PNC says, “Colonel Crawford’s bonds were very well received by investors. The District has done a remarkable job insuring they remain attractive in the bond market.”

Since 2014, the District has refunded all its eligible debt through two refunding bond issues. The refunding process, like refinancing a home loan to take advantage of lower interest rates, will save Colonel Crawford’s taxpayers a total of $1,181,056 over the remaining life of the bonds. The savings will come to taxpayers in the form of reduced property taxes collected annually to pay back the voted bond issues. The savings does not go to the operating budget of the District.

The school district began working with David Conley, President of Rockmill Financial Consulting, a financial advisor, in 2014 to oversee the refundings and to think strategically about how to lower resident’s taxes. The two refunding bond issues refinanced bonds that were originally approved by voters in 2003. A combination of low interest rates, an excellent credit rating (score), and good market timing allowed the District to save more than $1.2 million in interest cost. Treasurer and CFO, Vickey Stump says, “The Board felt that refinancing the bonds to save taxpayer dollars was an easy decision”.

The overall savings was well beyond the District’s initial expectations. Many school districts target a savings of at least 3% percent of the amount to be refinanced. Combined, the 2017 and 2014 refundings saved $839,956 more than the benchmark.

“There are so few ways to reduce taxes in a growing community that refinancing bonds when possible is a major benefit to our residents,” said Stump. “The school board is very insistent that we continue to reduce costs and we are always looking at opportunities to save as much money as possible and strive to be good stewards of our taxpayer’s money,” said Superintendent Todd Martin.

For additional information please contact Treasurer, Vickey Stump at (419) 562-6755.