For the second time during the 2015-16 fiscal year, the Wright City School District has taken advantage of the option to refinance its bonds.The latest refunding resolution was approved during the board’s monthly meeting Jan. 21, saving the district $209,001 through the refinancing of its Series 2011B and 2011C bonds.This was in addition to the $1,076,411.39 that was saved through the refunding of the Series 2007 and 2010 bonds in August. Both resolutions were passed unanimously, resulting in a total savings of approximately $1,284,000 in interest costs over the next 10 years.“It’s not every year we can save taxpayers nearly $1.3 million,” said R-II Superintendent David Buck. “We want to continue to be good stewards of the public’s money, helping our students grow and excel.”Kansas City-based George K. Baum and Company, who handled the refinancing, says the timing was extremely beneficial for the district. When the initial discussion began in August, it was projected the savings would be around $80,000. Near the end of the year that number appeared it would be closer to $160,000.“When it sold this month, it did very well, averaging a .99 percent interest rate and saving the community more than we had initially anticipated,” said Buck, who conducted a Standard & Poor’s ratings test along with R-II Chief Financial Officer Konee Box.“Our AA+ rating made us a very attractive bond to buy, and we are honored to have $300,000 of the bonds bought here locally by First State Community Bank,” said Buck.He notes that one of the greatest impacts of the refinancing is that it allows the district to be better prepared if an addition to Wright City East Elementary is needed in the immediate future.“This allows us flexibility in case the large, but yet-to-be-built subdivision near East Elementary starts building,” said Buck. “East Elementary is at capacity now.”The concern exists that an addition to the elementary would delay the district’s tentative plans for building a new high school around 2025, when the current building would be nearly 60 years old. Buck says the refinancing puts less of a strain on the district if that need were to occur.“Paying off our debt quicker allows us to save taxpayer dollars and react to sudden growth, should it come, without impacting the possibility of a new high school in a decade,” said Buck. “If growth does not come, then we could look at the interest in a high school a few years sooner.”Buck says the district will continue to seek opportunities to refinance.“Essentially, all of our debt is now at low-interest rates,” he said. “In the future, if we have some refinancing options that we could pursue to save additional money, we will pursue those aggressively.”Wright City