Chelsea Standard: Chelsea schools' bond refinancing saves district $1.4 million

By Danielle Arndt K-12 education reporter

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

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.