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The Minot Public School Board gave unanimous approval on Tuesday to a resolution to refund two outstanding general obligation school bonds.
Business Manager Scott Moum told the board that refinancing will potentially save the school district between $1.5 and $1.65 million in interest over the next 12 years.
The total combined remaning debt on the two bonds is $15.575 million. The original bonds were for $9.9 million in 2014 and $7 million in 2011. They will be combined into one bond at a more favorable interest rate.
Moum said there will be no additional cost to taxpayers or difference in mill requests. Payments might go down slightly because the interest will be less.
Moum will come back to the board in March to request final approval of the refinancing.
The board also gave approval for the school district to sign on to the School Bond Credit Enhancement Program, which Moum explains will ensure that the district will make payments and will give the district a better interest rate. He said the district has participated in the program in the past as well.