The United School Board met for a special meeting last night and approved refinancing two bonds to help realize over $1 million in savings over the next 14 years.
The board unanimously adopted a resolution last night that will allow the district to refinance two bonds that were issued for capital improvement projects at the district, including the 2011 bond issued for elementary and high school improvement projects. According to United’s Director of Finance Thomas Kalinyak, the district will save $1.1 million over the life of the loan, which was extended to 2034, meaning the district will save about $75,000 a year for the life of the loan. Kalinyak said that because of the Coronavirus Crisis, loan rates are going down once again, and the low rates contributed to their decision to refinance both bonds.
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