The Basehor-Linwood Board of Education has voted to refinance bonds.
The action was taken Monday during a special meeting of the board. Superintendent David Howard said refinancing the general obligation bonds should save the school district a total of $361,248.
“It’s money we won’t have to levy for,” Howard said.
The superintendent said the general obligation bonds being refinanced are not from the school district’s most recent bond issue, which was approved in 2018.
The bonds being refinanced were issued in 2012 and 2013.
The interest rate for the bonds issued in 2012 will change through refinancing from 3.21% to 2.02%. This will result in $202,392 in savings, Howard said.
The interest rate for the bonds issued in 2013 will change from 3.5% to 2.29%, which will result in a savings of $158,856.
Howard said the refinancing also will accelerate the timeline of when the bonds will be paid off.
“We actually will accelerate that by four years,” he said.
He said the refinanced bonds will reach maturity in 2026.