Release Date: June 11, 2026
Bloomfield Township Issues General Obligation Unlimited Tax Refunding Bonds, Series 2026
Results in over $520,000 in savings directly to taxpayers
Today Bloomfield Township (the “Township”) issued $8,665,000 par value of Unlimited Tax General Obligation Bonds, Series 2026 which will result in a reduction of the Capital Project Millage taxpayers pay each year.
In 2007, the Township issued $26 million in twenty-five year bonds to fund construction of the Senior Center and Public Works buildings as well as renovating its Central Fire Station. To fund repayment of the bonds, voters passed a Capital Project Millage that will be levied through 2032 to fully retire the bonds. In 2016, the Township refinanced those bonds at a lower interest rate saving taxpayers over $2.7 million.
Now based on current market conditions the opportunity to refinance has come again and the board acted. “In bond terminology, it is called a refund, but it is essentially a refinancing similar to what you might do with a home mortgage,” said Treasurer Michael Schostak. “Because this was a voted bond millage, the refinancing translates to a lower millage rate on the next 6 tax bills. We cannot shorten the length of the millage, but property owners will see an aggregate tax savings of approximately $520,000 over the next six years. The Township sees no money from this; it’s a direct benefit to taxpayers and the result of staying vigilant in the market.”
“I thank Treasurer Schostak for bringing this opportunity to the Board,” said Township Supervisor Mike McCready. “Taxpayers should know that our administration is always looking for ways to save them money while continuing to deliver first-rate service.”
To learn more about the transaction, watch the Board of Trustees Meeting.