The Shawnee Mission School Board took the first step Monday toward a bond refinancing that could save the school district more than $9 million.
The district plans to refinance two general obligation bond issues, one from 2004 and one from 2005. The older issue has an interest rate of 5 percent on bonds of more than $35 million. The later issue of more than $43 million has an interest rate of 4.5 percent, the board was told.
A refinancing could bring an interest rate as low as 2.1 percent, generating the millions of dollars in savings, according to the district’s financial adviser for the sale. The bond sale is anticipated to take place in late October. General obligation bonds can only be refinanced once.