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Posted on Tue, Jan 15, 2013 : 6:05 p.m.

Chelsea schools' bond refinancing saves district $1.4 million

By Danielle Arndt

Chelsea School District’s refinancing of its 2004 school building and site bonds is expected to save the district more than $1.4 million, according to a Chelsea Standard report.

The newspaper says the school district will see a net savings of more than $1.1 million from refinancing the bonds at an interest rate of nearly 10 percent. Chelsea schools also will see an indirect savings of more than $333,000 from the district paying off the bonds early, the report says.

Danielle Arndt covers K-12 education for AnnArbor.com. Follow her on Twitter @DanielleArndt or email her at daniellearndt@annarbor.com.