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Bond refunding goes well

A bond refunding approved Monday by the District 196 School Board will save district taxpayers $1.5 million over the next decade.

School board members voted at a March 21 workshop to give finance director Jeff Solomon permission to pursue the refunding. At that point, the estimate was that the move, a bit like refinancing a home mortgage, would save $1.3 million on taxes payable from 2015 to 2024. Interest rates improved some between that date and the date of the sale Monday, though.

The district first considered refunding the bonds last December but chose to wait.