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fter confirming its Aaa bond rating with Moody’s a week earlier, the Beachwood City School District saved more than $2.3 million by refunding its Build America Bonds that financed a portion of the Beachwood High School construction project, school Pictured: Beachwood High School was rededicated in September, 2013, district Treasurer Michele Mills following a $35.6 million upgrade. announced in June. The refunding yielded a 6.36 result of the outstanding leadership and fiscal percent net present value savings that translates management by our district’s administration, led by into an actual interest savings of $2,379,121 over Superintendent Dr. Rich Markwardt and Treasurer the life of the issue. Michele Mills,” said Board of Education President Although the original total project cost (including Mitch Luxenburg. “If not for their superior manfinancing) was estimated to be $50.6 million, federal agement of our funds and constant monitoring stimulus incentives coupled with the initial sale of low-interest-rate bonds in August, 2010, saved Beach- of external factors, including the market rates, the District may not have been able to capitalize on this wood taxpayers more than $11 million off the initial opportunity. We are thrilled that this project will total projected cost. The payback period was also now cost our community millions less than initially reduced at that time from 30 years to 24 years. projected. We should all be proud of this latest Beachwood Schools is one of only four Aaa-rated public school districts in Ohio. The Aaa bond rating is development. “Beachwood Schools enjoy an unparalleled level based on the district’s low debt burden and prudent of support from its residents,” Luxenburg added. fiscal management, as well as the community’s “Beachwood residents can rest assured that this exemplary voting history of passing school levies. support is never taken for granted.” “The confirmation of our Aaa rating is the direct
Refinancing of BHS Bonds Saves $2.3 Million Jewish Genealogy Society of Cleveland
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he next meeting of the Jewish Genealogy Society of Cleveland (JGSC) will take place Wednesday, August 6, in the Miller Board Room at Menorah Park. In her presentation,”Back to the Shtetl,” JGSC member, Amy Wachs, will share types of records tracing back to the 19th century Russian Pale that are now available to researchers. She had lived in Latvia, Lithuania and Moldova, and has been to all the countries comprising the Russian Pale. Ms. Wachs discovered many records have survived through her onsite research of holdings in state archives in this region. The program is free and open to the public. For further information, contact Stewart Hoicowitz at 440.473.5364.
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