Administrators with Hastings Public Schools are hoping to save more than $1 million by refinancing the bonds used to build the middle school.
During a Board of Education work session Tuesday evening, finance director Jeff Schneider told the board that refinancing a portion of the bonds taken out in 2006 could save the district more than $1 million over the next five years. Each year, the district will have to pay about $50,000 less in debt repayment. The interest savings are estimated to add up to about $1 million over that time.
Schneider suggested the board approve the move, which would include about $8 million in bonds. Instead of the current 5 percent interest rate, he said the district could get a rate of 2.6 percent.