Westlake Schools offers bond sale

On Feb. 22, the Westlake City Schools will place $24.41 million in bonds on the market in a competitive sale to fund the construction of a new elementary school. The Westlake community will have an opportunity to buy these bonds during a short time window before they go on the secondary market.

A competitive sale helps the district provide the best interest rate for the community by collecting less tax and providing that benefit back to the community.

In December, the district took advantage of an opportunity to sell $9.19 million in bonds through a bank qualified sale. That sale allowed the district to secure a lower interest rate, creating a significant savings during the repayment period over the life of the bonds.

CFO/Treasurer Todd Hopkins said the district is providing the opportunity for residents to invest in their schools. Residents will be able to see a tangible impact on their investment with the construction of the new elementary school.

On Feb. 22, once an underwriter is selected, the district will open a one- to two-hour window to provide residents the opportunity to purchase bonds. Potential buyers must be available by phone on Feb. 22. Bonds will be sold in $5,000 minimum increments.

Anyone interested in buying Westlake City Schools’ tax-exempt bonds should contact Hopkins by Feb. 20 with their name and phone number. Call 440-835-6301 or email hopkinst@wlake.org.

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Volume 9, Issue 3, Posted 9:45 AM, 02.07.2017