Port Clinton schools tout bond savings
5/19/2014PORT CLINTON — Port Clinton City Schools’ officials said a recent refinancing of its bonds used to build and renovate several of its schools will save around $1 million in debt-servicing costs.
The bonds were for work on Bataan Memorial, Port Clinton Middle, and Port Clinton High schools. The refinancing of about $24 million in debt was through traditional tax-exempt bonds.
School officials said the refinancing will allow the millage rate for debt to be reduced each year over the next 27 years. Property owners will see a decrease starting next year.