Bond Sale Saves The Lamphere Schools Taxpayers $1,700,000

The Lamphere Board of Education announced a savings of $1,700,000 over the next 13 years by refinancing outstanding bonds.  Taking advantage of favorable interest rates in the current bond market, the district issued $22,640,000 in lower interest rate bonds to replace higher interest rate bonds issued in 1997.  As a result, all savings will be passed on to the homeowners of the district.

"This action demonstrates that the Board of Education is continually looking out for the interests of our taxpayers," said Mr. Jim McCann, Superintendent.  "In the same way many of our home-owners have refinanced mortgages, low interest rates available in the current municipal bond market offered the District an opportunity to achieve similar savings.  Needless to say, we were pleased with the final results and the aggressive market approach taken by our underwriter.”

"The marketing process was enhanced by the high credit quality of the bonds.  The Board of Education and administration are to be commended for their efforts, and the savings they achieved for Lamphere's taxpayers," said Craig Kahler, First Vice President in the Lansing office of UBS Financial Services, Inc.