In February 2017, the Indian Lake Local School District refinanced its outstanding Unlimited Tax
General Obligation School Facilities Commission Improvement and Refunding Bonds issued in March of 2007, which covered the cost of construction of the Indian Lake Elementary School facility completed in 2009. At the same time, the district also refunded its outstanding Unlimited Tax General Obligation School Facilities Commission and Improvement Bonds issues in December of 2008, which include a small portion of the renovations of the Indian Lake Middle School and High School completed in 1998. Indian Lake Board of Education members voted to approve the refinancing during their regular meeting in February.
Indian Lake School District Treasurer Coleen Reprogle said, “By combining the two bonds and refinancing
at a lower overall rate, our district will realize significant savings over the next several years.”
The amount of the new bond issue is $15,380,000. The total savings to the district is $2,232,951.64, which
results from locking in lower interest rates, as well as achieving economies of scale by combining the two
issues to be refunded at the same time. These savings will be realized in the form of reduced taxes needed
to repay the district’s debt. Factoring in time value of money, the overall savings is estimated at
$1,737,010.78 over the next 18 years, or the life of the bonds. In 2015, the district refinanced a small set of bonds and created a savings as well; so over the last couple of years the school's debt has been decreased by approximately $2.8 million.
Similar to a homeowner, the treasurer and superintendent regularly check the district’s debt and current interest rates to determine if refinancing is a worthwhile option. The district worked with Bricker &
Eckler, LLP, the district’s bond counsel, and Fifth Third Securities, Inc., the district’s bond underwriter, to
take advantage of the low interest rate climate and refinance the bond issues with a final closing for the
Series 2017 Issue taking place on March 14, 2017.
The District’s bonds were marketed with ratings of Aa3 from Moody’s Investors Service. Ratings in the
double A category reflect the financial strength of the district. Due to the level of the district’s ratings, it
ultimately received lower interest rates and a higher level of savings on the transaction.
The Indian Lake Local School District Administration and Board of Education continually review and
monitor the budget and operations of the school district to maintain a sound financial position and take
advantage of any special economic circumstances.
Also during the February school board meeting, Indian Lake Elementary School Co-Principals Molly Hall and Jeff Reprogle made a presentation to the board about updates to the school's long-time behavior program known as the "Laker Zone." The district recently received a $3,000 PBIS (positive behavior support) grant to enhance the program and a $1,500 Community and Family Engagement Grant to put toward Family Game Night activities and professional development opportunities.