The Maryville R-II School District Board of Education has approved bond refunding with a net savings of more than $250,000.

The district said during its regular scheduled meeting on Wednesday the board approved a refunding bond resolution to authorize the sale of $7,420,000 general obligation refunding bonds at an average interest rate of 1.55% compared to the series 2011B refunded bonds which carry an average interest rate of about 2.33%.  It said this will reduce future interest expense by around $253,397.

It said the new interest savings plus a savings of around $943,563 from Series 2011B refunding means the district has saved $1,197,500 of interest expense from the original 2003 $7,350,000 general obligation bond issue.

“This plan takes advantage of the extremely low interest rates in the market while preserving considerable flexibility for the District in the future,” said Dr. Becky Albrecht, Superintendent of Schools.