By Shelby Stewart
Brandon Twp.- At the regular Monday meeting, the school board voted 7-0 to approve a resolution to refund the school loan bond fund portion of the 2006 Brandon bond, which will reduce the payment on the bond by over a $1 million due to lower interest rates.
“It’s basically like refinancing your home,” said district superintendent Dr. Matt Outlaw. “It doesn’t extend the loan in any way, but it means that the amount that we pay in interest will be less in the long run.”
The 2006 bond, which was passed by voters, was originally for $73 million.
A portion of that money went to purchase the land for Oakwood Elementary, as well as land that was sold in 2016. The bond has been refunded in the past, and the district continues to try and save money on the bonds.
“Depending on the final rate, the saving will be more than $1 million over the life of the loan,” said Outlaw. “The school loan bond fund portion of the bond is around $25 million. This is a state program for school bonds and Brandon passed this bond in 2006.”