Southwest Public Schools pays off bonds on building seven years ahead of schedule

BARTLEY - After Southwest Public Schools made the decision to build a new juniorsenior high school on the north end of Bartley in 2003, it issued bonds for the projects construction in 2007 with the plan to pay off the nearly $7 million project in 20 years.

But through a pair of refundings that saved the district more than $500,000, Southwest made its last payment on the debt last month, completing the debt service seven years ahead of schedule.

“I feel that was an excellent savings and we are very fortunate to now have a fantastic facility that will last for decades to come,” Southwest Superintendent Todd Porter said.

The first refunding bonds - similar to the idea of a mortgage refinance - were issued in 2011 and saved the district more than $503,000.

Southwest refunded and issued new bonds again in 2016, saving just over $33,000 that time, totaling a savings of $536,068.34 over the course of the repayment, which is a savings of 6 percent of the total project.

Because property taxes can be slow to come in from time to time, there will be some overrun collections into the district’s bond account, but Porter said at the last Board meeting that those funds would be budgeted back into the general fund at the next budget time.

Porter thanked those who have served on the school board during this time for their efforts to save taxpayers and the district. He specifically credited Duane Teter, who has served as Board President throughout this period.

“His forward thinking has been a wonderful gift to the students who have attended and will yet attend Southwest Public Schools.”