Huber Heights City Schools

Huber Heights City Schools (HHCS) taxpayers will experience a savings of $2.39 million over the next nine years, thanks to a recently completed bond refinancing.

The move locks in a lower interest rate (3.1 percent, compared to 4.36 percent previously) on bonds originally issued in 2009 to finance construction of new school buildings. This savings does not benefit HHCS directly, but is instead passed on to the district’s taxpayers, whose taxes will be lowered due to paying less interest on those bonds.

The process is similar to a homeowner saving money by refinancing to a lower interest rate. A similar refinancing process, also known as a refunding, took place in 2016.

The money saved will not go into the HHCS general fund for operating expenses. Instead, it will help relieve the long-term debt the community carries through paying interest on the 2009 bonds.

“We are thankful we were able to utilize this process to save money for our district’s taxpayers,” HHCS Superintendent Jason Enix said. “We live in a unique community that includes almost 5,800 students who attend our nine schools. If we have an opportunity to give back, as in this case, we absolutely wish to make that happen.”