Holton to save $1.6M on new school bond refinance

The Holton school board has approved a plan to refinance half of the district’s 2014 general obligation bonds that were utilized to build the new Holton Elementary School, it has been reported.

The bond refinancing plan approved at the May school board meeting, and negotiated with 
Dustin Avey of the Piper/Jaffray firm, involving about $9 million in school bonds, is expected to save the district $1,636,300.04, shorten the term of the bonds by three years and lower the interest rate from 4.76 percent to 3.15 percent, it was reported.

“We were able to build a great elementary building under budget, which has allowed us to put those remaining funds back into paying off the bond early and at a better interest rate," said board member Rex Frazier.

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