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NLCS To Save Nearly $1.8 Million By Refinancing Debt
Updated October 21, 2014 7:08 AM | Filed under: Education
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(BEDFORD) - The North Lawrence school board Thursday learned it will save nearly $1.8 million through refinancing a debt.

The school system refinanced its 2005 bond issue.

The Times-Mail reports that the original bonds raised $20,800,000 million to pay for building the new Fayetteville and Heltonville elementary schools and expanding and renovating Springville Elementary School.

The bonds still have a principal of $17,710,000 - the school system refinanced that amount at a lower interest rate that will lead to the savings over the life of the bonds.

The bond issue will be paid off in 12 years.

Broken down by year, the school system's debt service fund will save taxpayers about $150,000 a year starting in 2016.

About $6,000 in savings will be realized through renegotiating a contract for the Activate Health Clinic. The contract was originally written with a 3 percent renewal that has been trimmed to 1.5 percent.

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