"I was quite elated," Schroeder said. "This is my 15th year as Superintendent, obviously not all here, but these are the lowest bond rates in any building project that I have ever been associated with."
Schroeder then compared the estimates from the 1028 Preliminary Determination Hearing, which took place Feb. 18, 2008, to the actual results.
During the 1028 hearing, the principal on the bonds issued was estimated to be approximately $26,035,000 the actual result was $26,032,545.
The interest rates were also lower, in February, and the estimate for the general obligation bond was at 3.5 percent for one year. The building bonds were estimated at 5.5 percent for eight in a half years.
However, the general obligation bond for one year came in at 3.164 percent. The building bonds were sold at 2.833 percent for eight-and-a-half years.
The interest costs were projected to be $7,650,000, but the actual cost is $3,279,223.
The overall debt service fund tax rate was expected to be 38 cents, in actuality the result was 37 cents per $100 assessed valuation.
During the 1028 hearing, the public was told the maximum annual payment would be $4,075,000 with a maximum total repayment of $33,685,000.
The actual result was a maximum annual payment of $3,594,000 with a total maximum repayment of $29,326,508 which is a difference of $4,358,492.
"We hit the market at the right time," he said.
According to Schroeder, Clay Community School Corporation received an A+ rating, which helped them receive the low interest rates.
"Even though the circuit breaker went through and killed the assessed valuation of many corporations through out the state," he said. "By our funding and the way we were able to sell our bonds, we were able to keep our promise of the 37 cent tax rate."