April 1, 2021 By Tom Tolen / news@whmi.com
The Brighton Board of Education has voted to refinance several million dollars in bonds from the 2012 school bond issue in order to save substantial interest costs.
At a recent meeting, the board unanimously moved to refinance $8.3 million in general obligation bonds to take advantage of the prevailing low-interest rates. The action is expected to save district taxpayers about $300,000 in interest costs over the term of the bonds. Brighton Assistant Supt. for Business & Finance Michael Engelter says the district already refinanced a large portion of the 2012 bond issue last June, getting an interest rate varying from 1.02% to 2.84%, depending on the series - a gross saving of $5.39 million in interest over the life of the bonds.