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District Re-Fi Could Save $400,000

The Springfield school board voted to refinance a bond Thursday night; a move that could potentially save the district at least $400,000.

The Springfield school board voted to refinance a bond on Thursday in a move that could potentially save the district at least $400,000.

“This vote allows us to move forward with our 2004 series bond refinancing,” said district Director of Operations Don Mooney.  “With interest rates as low as they are, we’re looking to save the district at least $400,000.”

The board also voted to pay a firm an underwriting fee for the bond.  The firm will be tasked with finding the district the best possible rate.

The firm will not receive fee more than 0.069 percent of the principal amount of the securities issued.

“Our goal is to have everything set with this by January, 2013,” Mooney said.

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