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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.