Cary School District 26 paid off a series of 2011C General Obligation Bonds early, district officials announced last week.
According to the district, this will save tax payers a total of $450,000 in interest over the next five years.
An average home with a market value of $250,000 will see an estimated savings of $247 total over the next five years in the bond levy.
“District 26 continues to be committed to maintaining a balanced budget each year and living within its financial means,” the district said in a news release. “The district’s strategic plan calls for the continued evaluation and implementation of responsible cost-saving measures. For the past several years the district has taken a number of steps to refinance its bond debt and abate taxes in an effort to lower the amount taxpayers contribute to the District’s bond debt.”
In 2017, the school board passed a resolution to set aside a small portion of the district’s operating funds each year to save up the necessary money to pay off the bond early.
This plan came to fruition this month when the District submitted its final payment early in the amount of $1.6 million, according to the news release.
These future bond payments for the Series 2011C Bonds and interests now will be removed from property taxes, meaning they will no longer be an obligation for tax payers.
“The paying off of these bonds early in a planned and responsible manner has been an objective of the District for some tim,” District 26 Superintendent Brian Coleman said in a statement. “This really demonstrates the Board of Education’s commitment to continually evaluate and implement cost saving measures for the District and the Cary Community.”
Board President Robert Bridge said the paying off of these bonds early is a credit to both past and current school board members and their commitment to maintaining a positive financial outlook for the District while working to reduce the cost to our tax payers.
A final resolution will be sent to the County Clerk this month requesting the removal of these bond payments from the bond levy.