SPS bond refinancing to close this month

A bond refinancing approved unanimously by the Springfield Public Schools Board of Education is scheduled to close Feb. 26.

Approved during the board’s Feb. 3 meeting, the resolution is expected to save the district nearly $2.9 million in interest costs, according to a news release issued yesterday.

Starting Feb. 26, the average interest rate is roughly 3.4 percent, according to a document prepared by George K. Baum and Co., SPS’ Kanas City-based investment banker.

The resolution focuses on two previous actions. In May 2005, the district issued $29.3 million in general obligation bonds to refund GO bonds issued in 2000 primarily to renovate and expand Central High School. The 2005 refinancing effort resulted in savings of $2.8 million.