Excellent financial management earns $1.6 million bond savings

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With interest rates low, Eden Prairie Schools this week refinanced $15.2 million in bonds that had been issued in previous years. The district also issued $11 million in new bonds as part of its long-term facility maintenance plan. Taxpayers have invested in Eden Prairie Schools over the years, and the facility maintenance plan keeps their schools in top operating condition. Due to the district’s Aa2 bond rating, one of the highest possible, the district received many favorable bids from investment banks across the country. With interest rates between .44 percent and .63 percent on the refinanced debt, the district will save $1.63 million in principal and interest payments. These savings are used to manage the district’s financial plan and hold steady the tax rate for bond payments.