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Parkland Saves almost $1.3 Million in Bond Refinancing

Parkland administrator credits careful planning and the looming fiscal cliff for the Nov. 28 bond refinancing projected to save the district almost $1.3 million.

 

Parkland school directors got an early Christmas gift Tuesday night when Director of Business Administration John Vignone announced the district will save $1,281,950 over the next several budget years due to a well-timed refinancing of their 2007 series bonds.

Directors gave the go ahead to refinance in October - setting a minimum savings threshold of $500,000. Over the past 14 months, the district has refinanced three bonds for a total savings of more than $3.3 million.

Vignone said their most recent success was due in part to Parkland's favorable credit rating and the looming fiscal cliff.

"We’ve heard it over and over the past few weeks that it's because of the fiscal cliff," Vignone said. "Municipal bonds are some of the safest investments you can make and during upheaval they are even more attractive."

He said the "tricky" part of the refinancing was "pulling the trigger" at the right time when there wasn't a "flurry of other sales" happening to dilute the market.

Vignone worked with Public Financial Management and RBC Capital Markets to coordinate the transaction in the amount of $8,955,000.

mark wood December 05, 2012 at 06:10 PM
As a citizen and taxpayer I demand that money be refunded to all Parkland Taxpayers, after all, didn't we just get a tax increase, the book keepers should have seen this coming and denied any tax increase, but alas, they are really not paying attention. Get off your butt and refund OUR money to us directly, we were forced to pay you directly, but once again the SHEEPLE are just out to lunch and a few fries short of a happy meal. Put that in your pipe and smoke it.
mark wood December 05, 2012 at 06:13 PM
Just to show how short minded you all are, you will pay more in taxes again, and not remember this BS story on saving, you have saved nothing, but you have deceived me and other tax payers. but who cares, your fiat cash will be worhless soon enough, and then what swammy.....
mark wood December 05, 2012 at 06:17 PM
All plans of government who suppose great reformation in the manners of mankind are plainly imaginary, just like your so called savings.

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