Lansing School Board refinancing saves district over $4.8 million
The Lansing School Board was able to refinance $75,280,000 of our outstanding debt by taking advantage of favorable bond market conditions. This refinancing will save the district $4,850,740.78 over the life of the bond issue. One significant factor of refinancing is that the number of years to repay the bond stays the same. The refinance does not impact our operating budget, but the added savings in the future allows greater flexibility in dealing with mill rates when the board reviews local taxes. The school board has always made sure that our bond issues and the impact on local taxes stays even or lower than what was promised during the initial bond issue.
Raymond James & Associates, Inc. acted as our bond advisor on this transaction. The Lansing Board of Education’s willingness to look at the possibility of refinancing before bond markets moved lower allowed the district to act quickly on markets that were favorable for refinancing.
"The bond markets moved significantly in the two weeks since the board passed a resolution to allow Raymond James to act on our behalf and start to look at the refinancing," said Interim Superintendent Dan Wessel. "We would like to thank Greg Vahrenberg from Raymond James for his hard work putting the district in position to capitalize on a volatile market situation and capture increased savings in two short weeks."
If you have any questions about the refinance or any other district issues, please reach out to Dan Wessel, Interim Superintendent, at dan.wessel@usd469.net.