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District 191 refinances bonds to save $6.14 million

By refinancing some of its debt to a lower interest rate, Burnsville-Eagan-Savage School District 191 will save nearly $6.14 million in interest over a 15-year-period.

The timing was perfect and savings are greater than expected because interest rates are at a 50-year low, according to Jeff Seeley of Ehlers and Associates. In addition, he said there was a lot of interest in the bond sale because the district has a strong financial rating.

District 191 schools earn recognition in state’s MMR ratings

Two schools in Burnsville-Eagan-Savage School District 191 again achieved Reward School status in the state's measurement of school performance called Multiple Measurements Rating (MMR), according to information received from the Minnesota Department of Education (MDE) this week.  

Gideon Pond and Edward Neill Elementary Schools in Burnsville ranked among the top 15 percent of Minnesota schools that qualify for federal Title I funding, which is based on the number of students who qualify for free or reduced lunches.

District 191 refinances bonds to save money

By refinancing some of its debt to a lower rate, Burnsville-Eagan-Savage School District will save nearly $174,000 over the next two years.

Board members agreed in September to refinance just over $4 million through a process that is similar to when homeowners refinance their mortgage to take advantage of lower interest rates.

"$174,000 is a very good savings on a small refunding," said Jeff Seeley of Ehlers and Associates, who said the sale of the bonds in October went even better than expected with the district even receiving a premium.

District 191 schools boost their state accountability ratings

NOTE: This information has been updated on Oct. 9 based on new calculations provided by the Minnesota Department of Education. 

Seven of the 15 schools in Burnsville-Eagan-Savage School District 191 increased their ratings on the state's measurement of school performance called Multiple Measurements Rating (MMR), according to information from the Minnesota Department of Education (MDE).