Bond Refinancing Yields Better-Than-Expected Results for Seneca Valley

got better-than-anticipated results after refinancing close to $10 million worth of bonds.

After the bonds were sold on the financial market, district business manager Lynn Burtner told officials at Monday’s school board meeting that Seneca Valley should save more than $400,000 over the next three years.

“This is very good news,” she said.

Orginally, Burtner by refinancing, which is a little more than 3 percent of the debt amount. By taking advantage of low interest rates, the district will instead save about 4 percent, she said.

She added the district typically considers refinancing when there’s a chance of saving 2 percent or more on the debt amount.

The bond being refinanced is a loan taken out in 2001 for additions to the senior high school. The district also refinanced those bonds in 2007.

Burtner said she expects the bonds process to close by Nov. 29.  She has said the savings would help ease the burden of the district’s budget in the next several years.