(St. Leon, Ind.) - Like many homeowners are doing nowadays to take advantage of lower interest rates, Sunman-Dearborn Schools may be refinancing.
The Board of Directors of the Sunman-Dearborn High School Building Corporation will meet Thursday to consider refinancing the East Central High School bond issue. Years ago, the school corporation sold bonds to pay for renovations at the school.
Superintendent Dr. Jeff Hendrix says refinancing the bond debt at a lower rate could save the district up to $2 million. Hendrix did not have the remaining balance on the bonds immediately available, but did say that the current bonds run through 2026.
The superintendent is confident that the bonds can be refinanced while still giving the bond holders their guaranteed rate.
Time to move on the refinancing could be limited, however. Hendrix cautioned that the result of negotiations between President Obama and Congress to avoid the “fiscal cliff”, a batch of impending tax hikes and deep spending cuts set to take effect in 2013 without an agreement, could impact interest rates.
Thursday’s board meeting begins at 5:00 p.m. in the East Central High School Trojan Conference Room.