Money will be saved over 10-year period
Thanks to a timely refinancing of construction bonds, USD 408 will save taxpayers $327,585 over the next 10 years, during which the district will be paying off construction fees for the Sports and Aquatics Center and Performing Arts Center.
The district had the opportunity to refinance the bonds once during their 20-year period, and Leiker said he had been in continual communication with Steve Shogren of George K. Baum and Company in Wichita to figure when would be the best time to refinance, given interest rates and time remaining on the bonds.
“I think we did it about as well as we could do it,” Leiker said.
The board had a special meeting Tuesday at noon to meet with Shogren and approve the resolution to refinance the bonds; Shogren could not attend the Monday meeting because of a conflict.
“This is something we’ve been keeping track of for the last several years to try and maximize the savings for our taxpayers,” Leiker said.
Leiker said the board had been expecting to save about $300,000 with the refinancing, and was pleased that the number was higher than that projection.
“We thought it’d be a little bit better, and it was,” he said.