School board refinances 2001 bonds
On Monday night, the Baldwin School Board approved the refinancing of old bonds, which will save taxpayers hundreds of thousands of dollars.
The board unanimously approved the refinancing of bonds from the 2001 bond issue. That action will save a total of $460,441 over the remaining life of the bonds, which is seven years.
“The board took the 2001 bonds that have seven years left to pay and refinanced those,” Supt. Paul Dorathy said. “The savings from refinancing those is $460,441 for taxpayers.”
It will mean about 1 mill saved per year. Currently, 1 mill raises around $74,000. The savings per year from the refinancing is $65,777.