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Toronto saving significant money on bonds

Updated: Thursday, June 5 2014, 06:32 PM EDT

WTOV9.com
TORONTO, Ohio –The Toronto School District announced Thursday it found a way to reduce the interest on its bonds.
In 2010, voters passed a bond issue that allowed the district to issue bonds to pay for a $19 million Junior/Senior High School. Over four years, everything stayed status quo.
But Toronto Superintendent Fred Burns said they got information recently that changed all that. Last year, the federal government sequestered its subsidy on the Federal Build American bonds, so the district was allowed to call the bonds and re-sell them at a much lower rate because of the interest.
So now a bond that lasts 37 years has been reduced significantly. That will allow taxpayers to keep a little more than $1.3 million.
"We feel that people in Toronto had a faith in the board and ourselves here on being able to be transparent and truthful,” Burns said. “And now we're going to show that we're truthful to them and give them back some money that if we hadn't taken advantage of would have just gone on. If we hadn't taken advantage, we would have had to pay a little more because of that little subsidy going away."

Toronto saving significant money on bonds


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