Lakeshore Public Schools leadership says taxpayers in the district could be in for savings of up to $2 million.
School Board members on Monday approved a resolution to refinance the $36.7 million bond passed in May of 2013. Superintendent Greg Eding said the bond requires the board wait 10 years before seeking to refinance, and that window will open May 1st of this year.
The original tax rate for the bond repayment was 2.54 mills, and still has about 15 years of repayment left. If interest rates are still low enough for the district to save at least 2.5 percent by May 1, then the bond will be refinanced.
“We have some time between now and May 1 of when that percentage rate could fluctuate,” Eding said. “So, if whatever the interest rate is on May 1 is not 2.5% better than it is right now, we would not move forward with it.”
Eding said the refinancing could reduce the tax rate of residents, adding the district is “trying to be the most financially wise as possible with the community’s funds.”
