The Ottumwa Courier

Community News Network

December 19, 2012

Centerville School Board hopes refinancing could save $40,000

The board makes a company change to refinance a bond and looks at imposing new standards on volunteers

CENTERVILLE — The Centerville School Board's financial advisors, representatives of Ruan Securities and Piper Jaffray, think refinancing a bond could save the district a lot of money..

The board was told the school district could save approximately $40,000 in interest payments by refinancing with the company rather than staying with Piper Jaffray. The total amount would depend on the rates available when the school actually signs a contract with Ruan.

Piper Jaffray’s representative laid out several scenarios for the school board to consider including refinancing or paying off the debt immediately with PPEL money to gain savings by retiring the debt. By refinancing Piper Jaffray estimated approximately $30,000 in savings to the district.

The board discussed both options and decided to move forward with refinancing through Ruan Securities, contingent on the amount of savings being close to $40,000 for the district once the contracts were finally drawn up.

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