Nik Rajkovic / news@whmi.com

Hartland taxpayers will save more than $1 million in interest after a recent bond sale by the school district.

Chief financial director Rachel Bois says she was able to leverage the district's "A-1" credit rating to refinance 2016 bonds at a lower cost for the remaining 10 years.

“It reduces the overall debt that the district holds,” she told WHMI News. “It’s essentially like refinancing your home. It’s the same concept. You’re able to take advantage of a lower interest rate in order to lower all the overall costs.”

According the district, its 2026 Bonds were sold at a tax-exempt fixed interest rate of 2.71% with a final maturity of 2035. On the day of pricing, demand for the bonds was strong as evidenced by seven different investment firms placing orders for over one-and-a- half times the amount of bonds available.

Superintendent Chuck Hughes issued a statement thanking Bois for her “diligence in looking after the best interest of the Hartland taxpayers.”

“The district prides itself on its fiscal responsibility. Due to the District’s fiscal management, we received a strong credit rating which delivered a broad and competitive market of investors eager to purchase of the district’s 2026 Bonds”.

Financing was structured and coordinated by PFM Financial Advisors LLC, and the law firm serving as bond counsel, Thrun Law Firm, P.C. The senior managing underwriter of the 2026 Bonds was Huntington Securities, Inc.