XCS Refinances Bonds

XCS Refinances Bonds
Posted on 10/28/2020
In October, Xenia Community Schools completed the refinancing for four outstanding bonds, a move that will save XCS taxpayers $2,778,862 over the next 19 years.

Finalizing a process that began in March, but was delayed due to instability in the market due to COVID-19, XCS refunded four bonds: two bonds which were used to build the current elementary buildings, along with two others that funded energy conservation and permanent improvement projects across the district, produced a savings of $2,778,862. 

Although students of all ages have benefited from these bonds for nearly a decade, the savings generated by refunding the bonds will reduce the amount of taxes that XCS residents and businesses pay each year moving forward. 

While the lion’s share of the bonds refunded in this process were related to the construction of the five elementary buildings that have been in use since 2012, other improvements funded throughout the district include energy-efficient windows, HVAC, and other critical infrastructure projects.  

“As a district, we strive to manage our resources wisely, and be good stewards of the funds entrusted to us to support the education of our students,” said Carolyn Huber, Treasurer of Xenia Community Schools. “We were incredibly pleased to be able to take advantage of a market trend like this one to save our community each year, but also reduce the payoff by a full year.”

The 2020 bond refunding is part of an ongoing strategy to reduce taxes by taking advantage of shifts in the market. The 2010 Build America Bonds, which funded the elementary buildings, was previously refunded in 2014 for a savings of $655,858.

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