(Riverton, WY) – The Fremont Community College District Board of Trustees authorized a refinancing of Central Wyoming College’s series 2011 general obligation bonds during the April 21 board of trustees meeting.
“This refinancing reduces the interest rate on the district’s bonds to less than 1% and results in a debt service reduction of $463,000,” said Willie Noseep, vice president for administrative services. “We look for ways to protect taxpayer dollars and this refinancing helps us meet that obligation.”
The 2011 bonds were issued 10 years ago following a successful bond election to authorize the funding of CWC’s JoAnne Youtz McFarland Health and Science center on main campus in Riverton. The health and science center houses the college’s science, agriculture and nursing program with a virtual medical skills laboratory as well as other laboratories and instructional facilities.
Noseep said interest rates have fallen to historic low levels in recent months making this an advantageous time to refinance CWC’s debt. The 2011 bonds that are being refinanced had an average interest rate of 4.67%. The new Series 2021 bonds carry a net interest cost of 0.907%, lowering the interest rate by more than 3.5%. The lower interest rate helps produce exceptional savings for the taxpayers of Fremont County.
Capturing these low interest rates provides us the opportunity to lower our bonded indebtedness and save the taxpayers some money.
Willie Noseep, vice president for administrative services
The refinancing closes on April 29. Four Wyoming banks purchased the bonds via a bid process.
For questions, contact Willie Noseep, vice president for administrative services, at [email protected] or 307-855-2149.