Rochester School District refinances bonds to reduce tax levy

The Rochester School District has refinanced its 2006 bonds to take advantage of lower interest rates.

The refinancing will save district taxpayers a total of $250,000 over the next five years, according to the district.

The savings will go to taxpayers through reduced tax levies and are not available for district expenses, Superintendent Kim Fry said.

“The refinancing provides direct savings to community members in the form of taxes they expected, but will not have to pay,” Fry said.

The 2,200-student district had been actively monitoring bond market conditions. The new interest rates average 1.73 percent compared to 4 percent on the old debt.

“The refinancing is part of our ongoing effort to be good stewards of the resources provided to our district,” school board chairman Glen Morgan said in a press release.

This story was originally published November 29, 2015 at 5:17 PM with the headline "Rochester School District refinances bonds to reduce tax levy."