Posted: Nov 12, 2012 7:48 PM by Dennis Bragg - KPAX News
Updated: Nov 12, 2012 8:01 PM
MISSOULA - Continued low interest rates are saving more money for taxpayers, this time in savings estimated at more than half-a-million dollars for Missoula County Public Schools.
The bonds were sold in 2000 to pay for improvements at all three of the city's high schools. However, since that time, interest rates have continued to slide, allowing the district to realize further savings by re-funding the measure in 2005, and again in 2010.
Now, the district is ready to save more money by re-funding the remaining $5.4 million in bonds that are still outstanding.
MCPS Director of Business and Operations, Pat McHugh, says the district should be able to realize an additional savings of more than $567,000 during the remaining seven years of the bond issue. McHugh says that won't make a "significant difference" in the tax bills for individual property owners. He says it will be a big plus for the district as it calculates the outstanding levies next August.
Staff will recommend the school board approve the resolution to re-fund the bonds at Tuesday night's meeting. McHugh says D.A. Davidson & Company will help with the restructuring after the first of the year.