Last Modified: Friday, October 05, 2012 1:44 PM
The Calcasieu Parish School Board approved four refunding bonds Tuesday — a decision officials said will save taxpayers more than $900,000.
The four refinanced bonds include two for the Westlake-Maplewood area, one for Sulphur and one for Iowa.
All of the original bonds provided money for construction and facility improvements at public schools in those areas.
The two bonds in the Westlake-Maplewood area were for a collective $13.3 million. The Iowa bond was for $4 million, and the Sulphur bond was for $8.3 million.
The School Board’s practice of refunding bonds has become more frequent over the past five years, school system Chief Financial Officer Karl Bruchhaus said.
“We are refinancing these bonds because we have a saving in the interest cost now,” he said. “Interest costs have remained low over the past five years, and we refinance the bonds to lower costs.”
School Board members were told at their monthly meeting that refunding the four bonds would save voters $989,000.49.
“If we pay back less on the debt, everybody wins,” Bruchhaus said. “The taxpayers pay less property tax.”