Madison school system and city to receive bond refund
MADISON – The City of Madison announced the refunding of two bonds, one each for the Madison City Schools and the City. The school bond amounts to over $1,000,000 that can be used for infrastructure and building support for Madison’s new elementary and middle schools, while the city’s bond refund amounts to over $2,000,000.
“The priority of education in Madison has always been paramount for our community. This money helps our students, teachers and faculty continue to operate at a high caliber while our student numbers grow,” says Dr. Ed Nichols, new Superintendent of Madison City Schools. “I appreciate the support of our City leaders to take the initiative to focus on the refinance of these bonds. With this money, we will be able to allocate money towards projects that truly make an impact.”
The new taxable bond issues top rates from .924% to 1.9%, refinancing an existing non-taxable bond with rates from 2.85% to 5.00%. “Certainly, Madison showcases strength in our school system, but we are very happy to see strong finances along with it helping to back our growth,” says District 4 Councilman Greg Shaw, who also serves as Finance Committee Chair.
“The combination of our citizens voting for the property tax referendum as well as refinancing these bonds secures a strong financial foundation for our schools,” City Council President Steve Smith notes. “Our community can be assured that Madison City Schools are set up for success.” The refund will be deposited by the end of the month and the refinanced bond will end as scheduled in 2032.