USD 231 may be able to save up to $1.5 million by calling, or refinancing, bonds used to build Pioneer Ridge Middle School, according to a memo from Jeremy McFadden, district finance director, to school board members.
The bonds, issued in 2005, are 20-year bonds, eligible for refinancing after 10 years. In February, board members will be asked to approve the refunding of the 2005 bonds and the reselling of 2015 bonds. McFadden estimates the lower interest rates available now will translate into savings of $1.1 million to $1.5 million.