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Forum staff reports, Published December 09 2013

Moorhead School Board OKs school bond refinancing to save on interest costs

MOORHEAD – The Moorhead School Board agreed Monday to move ahead with plans to restructure the school district’s building bond debt.

The sale of general obligation school building refunding bonds could save the district more than $3 million in interest, the district’s financial consulting firm said. That would reduce debt payments $434,000 per year from 2016 to 2022, said Assistant Superintendent Wayne Kazmierczak.

A proposed schedule calls for the School Board to award the sale of the refunding bonds Jan. 13.

The interest savings will be used to cover lease levy financing costs for additions to two buildings, district spokeswoman Pam Gibb said.

The School Board in November approved beginning construction of a $2.2 million, 11,000-square-foot addition to Robert Asp Elementary School, and a $4.3 million, 20,100-square-foot addition to the Probstfield Center for Education.