Oakwood Register

April 25, 2012

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Education - 3 • Arts, Etc... - 7-26 • Sports - 29 www.oakwoodregister.com School bond refinancing to save district $829,000 On March 29, 2012, the Oakwood School District refi- nanced $6,400,000 in outstanding bonds originally issued in 2003. The "refunding" of this prior debt will save the district taxpayers approxi- mately $829,000 over the life of the issue. This savings will be reflected in lower tax rates required to pay off the debt issue. The 2003 bonds were originally issued with an average interest rate of 4.56 percent. The refunding bonds were sold last week with varying rates averaging 2.6 percent. The refunded bonds will mature over the same 19-year time period. Ahead of the sale, the Oakwood Schools' credit rating was affirmed as an AA2 by Moody's Investors Service, stating, "though the district's reserve levels are narrow as com- pared to peer AA2 districts, this is somewhat mitigated by its exemplary track record of timely voter support for operating levies and flexibility to make expenditure cuts." Moody's also cited financial strengths of the district as including above average socioeconomic indices and full value per capita. School Treasurer Kevin Philo, who attended the sale of the bonds in Cincinnati, stated, "This refinancing was very beneficial to the taxpay- ers of Oakwood Schools. We were able to take advantage of a lower interest rate market than when the bonds were originally sold, which at that time was at historic lows. This refinancing helps the taxpayers, but does not create any additional money for the school district." Dr. Mary Jo Scalzo, Superintendent of the Oakwood Schools said, "We are very pleased that Oakwood tax- payers will see a savings with this refinancing. I commend Mr. Philo for his leadership on this transaction which reflects our district's commit- ment to financial accountability." Oakwood School Board President Sam Davis stated, "The consistent support for the Oakwood School by our taxpayers over the past three decades has been nothing short of remarkable. It's nice that the bond debt refinancing presents an opportu- nity for school district to, in a small way, return the favor." Annual Report to be released April 30 During the week of April 30, all Oakwood property owners will receive a copy of the city 2011 annual report. The annu- al report highlights 2011 city events, provides many impor- tant facts about Oakwood and addresses significant issues fac- ing the community. It includes details about the city's finan- cial situation resulting from Norbert S. Klopsch, City Manager (937)298-0600 klopsch@oakwood.oh.us Investment Banker Andrew Laskey of RBC reviews the sale of the Oakwood Schools' bonds with School Treasurer Kevin Philo. The school district has been working on this project for the last four months. The school district's Business Advisory Council, a group of Oakwood citizens who review the finances monthly, examined the refinancing plan and provided input before the Board of Education approved the plan in February. The Oakwood Schools previous- ly refinanced $8.8 million worth of bonds in April 2007 which saved taxpayers approximately $650,000. All together, $20.2 million worth of by planning commission Oakwood Investment Group, the State of Ohio eliminating the estate (inheritance) tax and other state funding cuts. All citizens are strongly encouraged to read the report. the operators of Sugar Camp, announced this past Wednesday that they have finalized the architectural renderings and designs for twenty new condo- miniums at the top of Pointe Oakwood, near the corner of Far Hills and Schantz. The plan, as proposed, was recently approved by the Oakwood Planning Commission. In total, there will be four buildings wrapping the corner and consisting of either four or Everything in the Showroom – May 3, 4 & 5 SAVE 50% to 70% Let the treasure hunt begin! The most spectacular jewelry event in the Midwest is coming to James Free Jewelers. There will be enough jewelry to select from to fill over 15 jewelry stores and it's all a stunning 50% to 70% OFF. It'll be the perfect opportunity to save big for Mother's Day, Father's Day, Graduation Day or any day. six luxury units varying between 1600 and 2400 square feet each. The development of the condos was conceived and designed by Earl Reeder Associates to inte- grate into the overall housing program currently expanding at Pointe Oakwood. These luxury condos have views of the Miami Valley. Sugar Camp's VP of Operations, Bob Posner, says he has already received numerous calls to purchase units prior to their construction. "Since this is such an unusual product in such bonds were sold in 2003 as the result of the bond levy passage in November 2002, which allowed the additions to Smith and Harman Elementaries, Oakwood High School/Junior High, and major renovations and updates to all buildings. Condo development OK'd a unique neighborhood, buyers understand that they only have one chance to "get in," especially in the larger units," said Posner. The luxury condo concept was always the most popular housing idea, according to feed- back received by developer Lee Schear. Now, those units are a step closer to reality. The first 12 are expected to begin con- struction in early summer and be completed by the end of the year with pricing in the mid-to-high $300,000 range. Arts, Etc... SPECIAL PULL-OUT SECTION

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