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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.