In November 2002, the Kenston community approved a 27-year, $45,000,000 bond issue for the primary purpose of building the new high school. Under voter-approved authority, Kenston sold a $45 million bond in 2003. Since 2003, the district has refinanced the original bond issue multiple times to achieve interest savings. As a result of the Kenston Board of Education refinancings since the original bond issue in 2003, the district has taken advantage of lower interest rates to save an aggregate of over $6 million in interest cost savings that taxpayers see in a lower tax bill.
- In 2011, Kenston sold a $28,360,000 bond issue to refinance a portion of the outstanding bonds issued in 2003, saving the district approximately $3.1 million in interest charges over the refinanced bonds’ remaining life.
- In 2012, the district sold a $8,610,000 bond issue to refinance the remaining outstanding 2003 bonds, saving approximately $1.3 million in interest charges over the remaining life of the refinanced bonds.
- Last year, Kenston issued bonds to refinance the remaining outstanding 2012 bonds, saving approximately $464,000 in interest charges over the remaining life of the refinanced bonds.
On August 17, 2020, the Kenston Board of Education approved a resolution authorizing the issuance and sale of bonds in the amount of $11,485,000 to refinance the remaining outstanding bonds issued in 2011. On August 27, 2020, Kenston sold its $11,485,000 bond issue to KeyBank, under a competitive bidding process. Based on the 1.03% interest rate that KeyBank bid for the bonds, the district will save approximately $1 million in interest charges over the refinanced bonds’ remaining life.
These are savings that go directly to the taxpayer through lower future tax collections.