Manchester Schools Refunds 2009 Bond

By Seth Kinker,

On Nov. 19 at the Manchester Board of Education, the board voted to refund a 2009 bond, the first refunding in a series of older bonds.

In 2009 the $2,580,000 bond was passed and addressed building and site renovations in the district.

The district has a bond council that consults with attorneys and financial planners for all of their bond series.

The refunding of this bond was made because of the tax savings it made. It will save the tax base $165,000.

Tom Mann, treasurer of the board, talked about the bond refunding scheduling. He wanted to see what has been spent and what hasn’t and wanted to fine tune it to put it into more layman’s terms.

“With the interest rates where they were now it made sense to refund it and save about $165,000,” said Superintendent Nick Steinmetz. “If we were in a different spot where it wouldn’t have been beneficial, we wouldn’t have done it. But it’s saving the taxpayers money.”

Seth Kinker

Reporter/Digital Media for The Sun Times News

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