The La Center School District has refinanced its callable 2002 bonds in order to take advantage of lower interest rates.
The recent refinancing will save the district taxpayers more than $1.19 million during the next 12 years, according to the school district.
Superintendent Mark Mansell said in a news release taxpayers will notice these savings through reduced tax levies. Since the actual assessed values used to determine future millage rates are not yet known, the district can only estimate the impact of the refinancing. District officials said the savings could be as much as 13 cents per $1,000 of assessed valuation for individual taxpayers.
The school board approved issuance of $11,325,000 in refunding bonds at its meeting Aug. 17. Interest rates averaged 2.71 percent on the new bonds, compared to 5.16 percent on the old debt.
