Dear Bangor Township Schools Community,
One of the most important tasks we have in Bangor Township Schools is to be fiscally responsible. As financial stewards of local taxpayer dollars, we know how vitally important it is to always make good, sound financial decisions. The Board of Education and staff of our district are committed to making decisions that will always put the district in a position of strong financial health.
An important way we do that is through continually watching the markets for opportunities to refinance existing bonds that taxpayers have approved in the past for improvements to our buildings. As of 2016, we currently have two outstanding bonds - one that taxpayers approved in 2003, and another that was approved in 2006. We are proud to say that we have been able to refinance both of these bonds, and in turn save our local taxpayers almost one million dollars. Here is a history of the two outstanding bonds:
Passed in 2003 - refinanced in 2012 (saving taxpayers $378,071) - expires in 2020
Passed in 2006 - refinanced in 2016 (saving taxpayers $525,000) - expires in 2024
As you can see from the above information, we are extremely happy to report to our taxpayers that we have just refinanced Bond #2 to a lower interest rate. The savings that will be passed onto our taxpayers is $525,000 - bringing the total savings to taxpayers from our last two refinanced bonds to $903,071 (just shy of $1 million)! Please know that we will remain committed to making good, sound financial decisions, and whenever there is an opportunity to save money for our district or residents, we will do so. If you should ever have any questions about the finances of the district, please feel free to give me a call.