HARVARD – Harvard Community School District 50 officials plan to refinance part of a 2009 bond to get a lower interest rate for a cost savings to the district.
The board voted, 6-0, with member Julie Lehmann absent, for a resolution that provided for the refinancing of the bond, not to exceed $10 million, board President Richard Stoxen said.
The bond originally was issued in 2009 after a voter-approved referendum to build Crosby Elementary School, 401 Hereley Drive, Business Manager Mary Taylor said.
Bob Vail, with Chicago-based Bernardi Securities, said the vote means the firm can put together a bond package with which to go out into the market.
The exact cost-savings that will come from refinancing at a lower interest rate won’t be determined until the firm talks to investors, Vail said.
With the old debt, the interest rate is about 4.5 percent, he said, adding now they’re looking at a rate between roughly 3.1 percent and 3.3 percent.
The entire 2009 bond to build the school was for about $21 million, Taylor said, adding the refinance will apply only to a portion of it.