Taking advantage of its recently announced Double A bond rating and attractive interest rates, Westfall Local School District recently refinanced $3,015,000 of its outstanding elementary school bonds for tax millage savings.
The refinancing bonds were sold at an average rate of 2.14%, replacing the 4% rate on the old bonds. The refinancing creates future interest cost savings of $240,102.50. The term of the bond loan is approximately seven years. The bond loan will be paid in full on December 1, 2022.