Schools
District 196 Bond Refunding Sale to Save $1.3 Million in Debt Repayment
Taxpayers should see a savings of more than $1.3 million in debt-service payments for 2013-14.
The Rosemount-Apple Valley-Eagan School District approved a bond-refunding sale last week that officials say will save taxpayers $1.3 million in payments for debt service in 2013-14.
The $10.5 million in general obligation building refunding bonds originally were issued in 1995, mostly for the construction of . An original refund was issued in 2001.
The district opened up bids for the new bonds beginning Monday; the sale will close in February.
Find out what's happening in Apple Valley-Rosemountwith free, real-time updates from Patch.
The money the district saved cannot be distributed to other areas of the budget, said Jodie Zesbaugh, of Ehlers & Associates, the district's financial advisers.
"Everything turned out much better than we expected … the amount of bids was excellent," said Zesbaugh said. "That’s all really exciting for finance people like us, and you will see a reduction in debt levy."
Find out what's happening in Apple Valley-Rosemountwith free, real-time updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
