District 191 Says Refinancing Will Save More Than $2.2 Million

BURNSVILLE, MN —The board of education for Burnsville-Eagan-Savage School District 191 announced Friday that it has refinanced nearly $11.5 million in debt to save taxpayers money because of reduced debt payments.

The move to refinance will save about $2.2 million in total and will result in lower levies in the future, the district said.

School officials compared the process to when homeowners refinance their mortgage to take advantage of better interest rates.

"We continually review our finances to look for places we can save money or reduce costs," said Lisa Rider, executive director of business services, in a news release. "We have refinanced similar bonds in past years whenever it is possible."