CREST HILL – Richland School District 88A has refinanced its 2005 bonds to give taxpayers $149,239 in present value savings over the next eight years.
The refinancing was finalized Dec. 4, nearly halving the bonds’ interest rates from 5.25 percent to 2.89 percent, according to a district news release.
The refunding generated $172,182 of debt service savings and 14.56 percent in savings for taxpayers, according to the release.
“The [school] board put out parameters. I believe it was from 8 to 9 percent savings,” Superintendent Michael Early said Friday. “If we can get that, we would go ahead and refund the bonds.”
Early said district taxpayers will see more of those savings at the end of the bonds’ lifetime in 2023.