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Finance director: district earned $295,000 in interest; early bond payoff could save $15 million
Summary
The district's finance update reported $295,000 earned in interest to date and a consultant estimate that early payoff of district debt could realize approximately $15 million in interest savings, moving payoff to 2034 from 2037.
District financial staff reported improved investment earnings and an estimate of large interest savings from early repayment of district debt.
Finance representatives told the board the district has earned $295,000 year-to-date in interest from certificates of deposit and the Local Investment Pool (MILAF). They also reported an estimate from financial advisors that an early bond repayment would realize about $15,000,000 in interest savings and would move the expected payoff date from 2037 to 2034 if the board continues the current repayment strategy.
The finance representative said the district has refinanced bonds multiple times in recent years and highlighted the current progress toward reducing debt sooner than previously scheduled.
Board members asked clarifying questions about refinancing history and interest-rate timing; staff indicated detailed figures and the formal estimate were provided in the packet and an estimate returned to the district the previous Friday.
