Tamaqua to save $241K in bond refinancing

Tamaqua Area School District will save $241,000 through the refinancing of bonds.

On a unanimous measure, the school board at a special meeting on Tuesday approved resolutions to issue bonds for the purpose of refunding the series of 2011 and a portion of Series A of 2012.

The 2011 note was for an extensive energy savings project, while the 2012 A bond issue was for the refinancing of debt service that was outstanding for the middle school.

Christopher Hoffert, director at Stifel Public Finance, told the board that the district will save $241,000 over the life of the issue, or $16,000 more than the $225,000 target.

Of that, Hoffert said the district would realize a $205,000 savings in fiscal year 2018.

Last month, the board authorized business manager Connie Ligenza to continue to prepare documents and a resolution to refinance the 2011 note and a portion of the 2012 A bonds for the purpose of debt service savings.

Based on figures the board received in September, it thought at that time it would save about $376,000.

Ligenza previously said that while the savings is less than the board had expected, “It’s a significant amount of money.”