Anchor Bay Schools: Refinancing District Debt to Save Taxpayers Millions

Anchor Bay School District's decision to refinance outstanding debt will save taxpayers about $10 million, schools officials said Thursday.

The Board of Education approved the resolution Tuesday night to move forward with financing 2012 refunding bonds worth about $34.3 million. The bonds will be used to refund a portion of the district's outstanding 2002 debt, school officials said.

"The 2012 refunding bonds anticipate reducing the school district interest expense for the current outstanding 2002 refunding bonds given the current bond market conditions which are favorable and expected to provide a high level of savings to the school district’s taxpayers," the district announced in a prepared statement.

The Michigan investment banking office of brokerage firm, Stifel Nicolaus, the financial advising firm, Stauder Barch & Associates, Inc. and the law firm serving as bond counsel to the school district, Thrun Law Firm, P.C. are to assist the district in this process, according to the statement.