Wyandotte Schools Reduce Bond Debt By $164,000

Officials for Wyandotte Public Schools recently agreed to accept a bid for a lower interest rate on a small portion of a bond--saving the district $164,500 over the next two years.

Ken Laub, district business manager, said district officials sought to reduce costs by taking advantage of lower interest rates.

The district received four bids to refinance $4.55 million of bond debt and PNC Bank came in with the lowest bid at .811 percent.

Before refinancing, the district paid 4.4 percent interest on the same debt.

Laub said this is likely the last opportunity the district will have to reduce interest rates on the bond issue, which passed before 2003 for the purpose of building improvements..

"They (district officials) have done this consistently when the opportunity has come up," Laub said. "They are good custodians of the money from the bond issue."

The bond is set to expire in 2015.