Budget Transparency Reporting

Saving Money for Taxpayers

    South Haven Public Schools was notified last summer by our financial advisors that interest rates were down and that it would be a good time to refinance any eligible outstanding debt. The Board of Education voted unanimously in August 2012 to refinance $11,805,000 of our 2003 Building & Site Bonds dated June 30, 2003 which matured 2014 through 2026. The average interest rate on the bonds refinanced was 4.22%, with the new average interest rate of 2.804%. This action saved taxpayers $999,369 over the next 13 years. 
    We were recently notified by our financial advisor that rates are still favorable and that the remainder of our existing 1991 debt is eligible for refinancing. The Board voted at their February regular meeting to again take advantage of the lower rates. It is expected that $3,135,000 will be refinanced within the next two months for additional savings to the taxpayers of the District. The current estimated savings is $145,000.    (March 2013)

Contact Information
Carol Stricklin

Business Manager
Phone:  (269) 637-0526
Fax:  (269) 637-3025

554 Green St.
South Haven, MI 49090


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