Avon voters approved a $32 million bond in November 2012 and now resident have the chance to purchase some of those bonds through Thursday morning. Money generated from the bond sale will be used to construct a new middle school.
The $32 million is part of a $$40,274,214 total bond offering set for February. Avon Local School District treasurer Kent Zeman said the district will take advantage of the new bond offering to refinance $5.020 million from a 2006 bond issue and $3.26 million from a 2004 bond issue.
“Essentially we are refinancing at a lower rate,” Zeman said of the additional approximately $8.28 million. “The best time to refinance is when you are issuing new bonds, because the costs (associated with a bond offering) are spread out.”
The move will result in a cost savings for the district in excess of $100,000.
Zeman noted that school district bonds are considered safe.
“School districts are safer than U.S. Government,” he said. The bonds will carry a rating of AAA2, the third highest bond rating following AA2 and A.
Zeman said his office has fielded calls from community members interested in purchasing the bonds. Members who are interested in participating in the purchase of the Avon Local Schools bond issue can Susan Herschbach at 216-593-7327 or by email at firstname.lastname@example.org.