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Bond Refinancing Means Major Savings
May 17, 2012
Taking advantage of historically low bond interest rates, the Spring Hill Board of Education voted to refinance a portion of the district’s outstanding bonds to save more than $700,000. Working with the district’s financial advisor to evaluate the long-term debt structure, the board moved forward to refinance just under $10 million of outstanding bonds from 2004 and 2005. By reducing the interest rate percentage by nearly 2%, it will help save taxpayers as the debt is retired. This is not the first time that the district has taken advantage of low interest rates to save money. In fact, nearly $225,000 in interest payments was saved in August of 2011 by refinancing a portion of the 2004 bonds.