The Magazine School Board last week approved refinancing a $3.895 million bond issue with an expected savings of more than $131,000.
Because bonds cannot be called for at least two years, doing so prevents the district for seeking additional money for the bonds through a millage increase similar to one requested last year for at least those same two years.
Last year’s request lost by a single vote.
“I see no point in going to the voters,” board member Robert Curtis said before the motion to seek a refinance.
Board member Brandy Moore said she agreed.
About $87,000 of the savings is expected to be realized in the first year of the refinance, Dr. Beth Shumate said she was told by Beardsley Public Finance representatives who will be.
The projections are based on reissuing the bonds at 2.36 percent. The current rate is 2.95 percent.
The board also approved a 2020-2021 school year calendar that will keep in place the so-called hybrid schedule for a third year, which was an initial commitment to the idea.