On April 16, 2020, Pomeroy School District No. 110 successfully completed the sale an Unlimited Tax General Obligation Refunding Bond. The purpose of the sale was to refinance the District’s outstanding 2010 bonds in the amount of $2,205,000. This refinancing will save the District’s taxpayers a total of $113,286 over the next four years.
Superintendent Gwinn emphasized that these savings flow directly to taxpayers through reduced tax levies and are not available for District expenses. “This is a direct savings to our community members in the form of taxes they expected, but will not have to pay,” Gwinn said.
The Pomeroy School Board accomplished these savings by approving the issuance of the refunding bonds at its meeting held on March 30, 2020. The District has been actively monitoring bond market conditions and recent low interest rates allowed the District to exceed its savings target. Interest rates averaged 1.14% on the new bonds compared to 4.52% on the old debt.