By OLIVIA BERGMEIER
Salina Post
Salina Public Schools U.S.D. 305 Board of Education met for its first board meeting of the school year on Tuesday, where they tackled almost 20 different agenda items.
One of those agenda items included the district's plan to save U.S.D. 305 taxpayers, almost $4 million.
Greg Vahrenberg, managing director at Raymond James & Associates, presented the district's final savings after refinancing more than $15 million of the school district's bonds at the meeting.
Linn Exline, U.S.D. 305 superintendent said even though interest rates are much higher than the record low levels from a few years ago — the district found a unique opportunity to save taxpayer money.
"This is a good opportunity to save dollars in a way that doesn't affect people or services," Exline said.
The refinancing will also cut two years from the district's current bonds, finishing its last payment in 2031 instead of 2033.
Over the past two decades, Salina Public Schools has refinanced its bonds 12 times, saving Salina taxpayers more than $16 million.
The district accomplished this by repurchasing taxable bonds from existing investors at a discounted price and refinancing the bonds with tax-exempt refunding bonds.
"Not many school districts can say that the mill levy declined to nearly half of its original projection, a savings of over $16 million was captured, and the bonds will be paid off several years sooner than planned," Vahrenberg said.
The board sought to refinance more than $55 million of its bonds at the beginning of the year but had to narrow its scope due to limitations from the various bondholders.
Vahrenberg said that even though the amount of bonds refinanced was lower, there were still significant savings.
"Your approach helped the board be a little more innovative in these things," said Mark Bandré, one of the district's board members.