Members of the Lansing Board of Education have finalized the refinancing of school bonds.

Members of the Lansing Board of Education have finalized the refinancing of school bonds.

It is anticipated that the refinancing will save the school district about $4.8 million over a 19-year period.

Board members had taken action during a special meeting last month to refinance more than $70 million worth of bonds. And they took the final steps of the process when they met Monday evening for a regular monthly meeting.

“They finalized the refinancing, finishing all of that paperwork up,” Interim Superintendent Dan Wessel said.

Wessel said the board was able to lock in the $4.8 million in savings during the Aug. 27 special meeting.

That is when they voted in favor of a resolution to authorize the sale of refunding bonds to replace bonds from a 2012 bond issue.

The 2012 bond issue paid for the construction of Lansing High School and the renovation of a former high school into what is now Lansing Middle School.

Wessel said a bond adviser has indicated the district’s savings would have been about $3 million less if board members had waited until Monday instead of taking action during the earlier special meeting.

Also Monday, board members discussed conducting self evaluations. Wessel said they will take up the evaluations when they meet in October.

Board members also will take up an evaluation of Wessel next month. Wessel said the evaluation is required because he is new to the position of interim superintendent.

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