HUTCHINSON, Kan. — The USD 308 Hutchinson School Board last night approved refinancing a portion of the 2006 bond issue that will save district taxpayers an estimated $642,008 over the remaining life of the bond.
While limited by law to the number and timing of refinancing bonds, the district began refinancing bonds in 2007, looking for lower interest rates. Most years, the district has been able to refinance a portion of the $78.8 million of bonds issued in early 2007. The 20-year bonds are scheduled to be repaid in 2027.
District voters overwhelmingly voted to approve the bond issue in 2006. This brought additional classrooms and safety improvements to all of the district’s schools. It also allowed for the construction of the Hutchinson Career and Technical Education Academy on the northwest side of the Hutchinson High School campus.