The Gering School Board Monday night unanimously approved refinancing of the 2017 bond that was used for the renovation of the High School that’s getting close to full completion.
Superintendent Bob Hastings tells KNEB News staff and financial advisors didn’t think it would be possible to refinance the $24 million bond until five years after the original issue, but lower rates presented the possibility now. “In the long-term it’s going to save Gering taxpayers about $5 million over the life of those bonds, so that’s a big, big savings,” says Hastings. “It’s about 10 percent of what our total indebtedness is when you look at principal and interest on these bonds, so it’s a really, really huge deal. We’re excited to be able to do it.”
Hastings says due to the timing of the reissue and the current budget process, taxpayers wouldn’t see an impact until 2020.
However, he anticipates the related levy will drop somewhat, and it will give the district more flexibility in budgeting in future fiscal years.