School district refinances remainder of elementary bond

The Bigfork School board approved a bond purchase agreement with Glacier Bank last week to save taxpayers $141,702.

At the end of August the board decided to move forward with refinancing the remaining balance on the elementary school bond.

In October of 2007 the school district passed a bond for $5.5 million to renovate the elementary and middle school building.

There is still $3.4 million outstanding on that bond, which ends in 2023.

Interest rates when the bond was passed were 3.4 percent. Now they are lower, at 2.1 percent, which prompted the district to refinance the bond.

The impact to individual taxpayers will be minimal and most people won’t likely notice a change on their tax bill, with the overall savings at $141,702.

“I still think it’s a good thing to do,” school district business manager Lacey Porrovecchio said. “It will save pennies.”

Last week voters passed a $14 million bond to renovate the high school. The school board will meet this Wednesday to canvas the votes and make the results official.