Belding Area Schools saves taxpayers money with bond refunding project
Ionia Sentinel-Standard
BELDING — Belding Area Schools has completed its fourth bond refunding project in five years, which saves roughly $5 million in taxpayer dollars.
The BAS Board of Education announced the sale of its federally taxable 2021 refunding bonds for $11.38 million, according to a news release.
The 2021 bonds are “being issued for the purpose of refunding certain outstanding indebtedness” of BAS to the state under the state’s School Bond Qualification and Loan Program and to pay the costs of issuing the bonds, per the release.
BAS estimates a $1.3 million reduction in repayments to the state due to the 2021 bonds. It included assumptions regarding the district’s taxable growth value rate and the interest rate charged by the program.