Lake Local to save more than $1M by refinancing

2/2/2007

MILLBURY By refinancing bonds that were sold in 2001 to build a middle school, the Lake Local Board of Education will save district taxpayers more than $1 million.

The board recently completed refinancing the original bonds, which were scheduled to be fully paid off in 2025, Treasurer Jeff Carpenter said.

He said the board decided to refinance to take advantage of low interest rates to lower the overall borrowing cost on borrowing for the construction of Lake Middle School.

By refinancing, Mr. Carpenter said the district saved 5.7 percent.