Board eyes $144K savings.

[Board eyes $144K savings.]

Board eyes $144K savings.

The Board of Education approved a debt refinancing plan Wednesday that will save the district $144,000 in interest payments over the next 10 years.

The school board held a public hearing to discuss refinancing $3.23 million of the $4.5 million it borrowed for the 1997 school expansion project. No one from the public attended the hearing.

School Business Administrator Brian DeLucia said the plan will
save the Board of Education a total of about $144,000 in annual debt service payments through 2015. The refinancing is expected to reduce interest rates by about 2 percentage points from the 5 percent interest the district currently pays on the debt.

Mr. DeLucia said the savings, estimated to be a little more than $10,000 per year, won't have a significant impact on the tax rate.

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