The USD 383 school board on Wednesday voted unanimously to refinance old debt to save money.
The issue arose because the district’s outstanding Series 2016 bonds are approaching eligibility for refinancing.
Superintendent Eric Reid said at the board meeting that every so often market conditions shift so that it becomes prudent to refinance past debt.
The outstanding amount for the Series 2016 bonds is $43.19 million, with interest rates ranging from 3% to 5%. The district is in a position to get a lower interest rate, which could result in a savings of an estimated $600,000 to $700,000, depending on terms, according to meeting documents.
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