Krum school district looks to refinance bonds

The Krum school district is looking to refinance $9.3 million in bonds from 2003 and 2007 at a lower interest rate.

District officials said at an approximate interest rate of 3.6 percent, the bond refinance could save the district about $2.6 million by 2035.

“Anytime you can save taxpayers close to $3 million is significant,” Superintendent Mike Davis said.

Board members approved parameters for the bond refinance earlier this month.

This isn’t the first time the district has saved money by refinancing bonds, said Chelbie Birdwell, the district spokeswoman. In 2010, a portion of bonds were refinanced at a lower interest and the savings to the district totaled more than $278,000, she said.The move upgraded the district credit rating from A- to A+ with finance services company Standard & Poor’s, Birdwell said.

— Britney Tabor

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