The Burnsville-Eagan-Savage School District 191 Board of Education has refinanced nearly $11.5 million in debt to save taxpayers through reduced debt payments. This refinancing will save approximately $2.2 million over the life of the bonds.
The process is similar to when homeowners refinance their mortgage to take advantage of more favorable interest rates. The money saved will result in lower future levies for debt repayment, which will be a direct savings to taxpayers.
"We continually review our finances to look for places we can save money or reduce costs," said Lisa Rider, executive director of business services. "We have refinanced similar bonds in past years whenever it is possible."