TPS announces another bond refund, saving taxpayers $5 million

10/31/2012

Toledo Public Schools officials announced today that the district had refunded a series of facilities bonds, saving taxpayers about $5 million.

This is the second time in a year the district had refunded facilities bonds; in total, TPS has refunded more than $86 million in bonds, reducing interest costs by about $10.2 million, Treasurer Matt Cleland said.

The bonds helped finance Building for Success, a decade-long program that involved more than $600 million in renovation, rebuilding, and demolition of buildings. The savings will go directly to property owners in slightly reduced tax payments, instead of into the district's general fund.

There are still about $35 million in bonds the district can refund from the project, which could result in additional reductions in taxes.