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School district refinances debt to potentially save $1 million
By Chris Strunk
Last Updated: December 14, 2017

The Valley Center school board on Dec. 11 approved a resolution to refinance $9.7 million in debt at a better interest rate to potentially save $1 million over the 20-year life of the bond issue.

Last month, the district estimated the move would save about $650,000. Bond market conditions this week improved.

“It was the right timing," Superintendent Cory Gibson said.

The debt was incurred in 2016 with the issuance of $18 million in bonds for work on the district's buildings.

That work will continue next year as the board authorized the construction manager to get bids on an estimated $4 million worth of projects. The board will vote on each project when bids are presented.





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