School Board Refinances Bonds, Saves $3.5 Million

Timing and luck favored Minden Public Schools as the district refinanced the $10 million 2014 series school bond for a savings of $3.5 million and five years. Refinancing of the bond began with discussions with D.A. Davidson last January and took effect just before a trade agreement was signed last week jumping interest rates.

“We went out with the bonds on Tuesday to the local banks and Wednesday the bonds that weren’t picked up went out to the public. We just so happened to sell the bonds right before the trade deal was signed and interest rates shot up,” MPS Business Manager Jeremy Knajdl said.

The district holds three sets of bonds. The 2014 series is the first set of bonds the district got for building the new high school. Once they reached a five year maturity, the bonds were eligible to be refinanced.
see January 22 Courier for full story