Hannibal school officials say refinancing will save over a half - WGEM.com: Quincy News, Weather, Sports, and Radio

Hannibal school officials say refinancing will save over a half a million dollars

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HANNIBAL, Mo. (WGEM) - Hannibal schools will soon save hundreds of thousands of dollars because of a decision to refinance bonds.

The Hannibal school board voted to refinance $8 million in bonds from 2006 at its meeting Wednesday night.

Officials say the refinancing reduced interest rate from 4.5 to 2.7 percent.

School board Vice-President Mark Bross says despite challenges with state funding, the school district is financially secure.

He says because of the refinancing they will have extra money to invest back in the district.

"We like to plow those savings back into our kids and make improvements for them hopefully be able to do some things we weren't able to do before," Bross said.
   
Officials say the school district will save $636,000 in interest in the next 10 years.
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