The Lindbergh Board of Education continues to prove it is looking out for the best interests of the district’s taxpayers.
A resolution authorizing the sale of nearly $10 million in general obligation bonds to refund bonds issued in 2009 was scheduled to be considered by the school board Tuesday night — after the Call went to press.
As proposed, the sale of the bonds totaling $9,995,000 is expected to save taxpayers $1 million, according to Chief Financial Officer Charles Triplett. Bids for the bond sale will be accepted until 10 a.m. Tuesday, Sept. 8.
The board will consider a resolution approving the sale when it meets at 7:30 p.m. that same day.
It should be emphasized that the Board of Education doesn’t have to do the bond refunding. The only reason to do it is to save taxpayers money.
District taxpayers are the sole beneficiaries of the savings because the estimated $1 million in savings will not be collected from them, and the district’s debt-service tax rate is set to collect only the revenue necessary to retire the bonds.
As readers may recall, the last time Lindbergh refunded bonds in February 2014, the amount of savings to taxpayers was stunning — $3,503,832.
In fact, the savings to taxpayers totaled more than $1.8 million over the original estimate of $1.67 million.
The February 2014 bond refunding is the eighth the district has done since 1998, saving taxpayers a total of $8,819,568.
Of those eight refundings, Triplett said in February 2014, “… We’ve refunded almost $87 million of principal … We have saved taxpayers more than $8.8 million in interest off of this. That’s more than a 10-percent savings from the principal on the bonds that were issued. Again, we’re happy to do that anytime we possibly can and get the best value for the taxpayers …”
The savings from the eight bond refundings is on top of the $32 million the district saved taxpayers from 1995 to 2005 by voluntarily rolling back the district’s tax rate. That’s a combined savings to district taxpayers of roughly $40.8 million.
If things go as planned with the proposed refunding, Lindbergh officials will be able to chalk up another $1 million of savings to taxpayers.
That’s further proof why Lindbergh officials have an excellent reputation for fiscal stewardship.