The Griswold School Board, Tuesday afternoon, took advantage of historically low interest rates and saved a good chunk of change. Superintendent Dave Henrichs told KJAN News he and the District’s Financial Advisor reviewed bids for the bonds at Noon, Tuesday. He says were due (at noon) to potentially refinancing $1.8-million worth of sales tax bonds that were issued in 2012, to repair some of the parking lot areas, re-do the track and improving athletic lighting.

Henrichs says they received two bids from different banks. The low bid was a 1.09% average interest rate from Rolling Hills Bank and Trust. The Board accepted the bid. Their action means the bonds will be refinanced, saving the District $138,544 interest over the life of the bond, and it will save $25,000 in fees associated with the bond, for a total savings of $173,000. He said while it saves the District money in the long-run, it does not affect the taxpayers, because it’s a sales tax based upon all sales in the State of Iowa, and not property taxes.

The current bond with UMB Bank will be paid-off through the refinanced bonds. Henrichs said also, Tuesday was the last day for long-time Griswold School District Secretary/Board Treasurer Nancy Taylor.

(Taylor has served the District for more than 30-years, and officially retired at the end of June.)