Bond refinancing saves District 303 about $2 million

St. Charles School District 303 officials expect to save about $2 million by refinancing $44 million in bonds at a lower interest rate.

Superintendent Don Schlomann said the savings could lower the tax rate in such a way the district would have "more room to sell more bonds without raising taxes."And any subsequent savings could be funneled into the district's ongoing community-meeting series known as Summit 303, Schlomann said.

The monthly series is slated to culminate later this year with a list of priorities and capital project recommendations for the school board.

"Given the current economy," Schlomann said Thursday, "we were hoping to set up a situation where, if Summit 303 came up with some priorities, they would have some room to get some of them done without any (extra) cost to the taxpayers. Depending on what the market is like at some future date ... it at least gives them that option."

The school district already has committed to spending $3 million on Summit 303 recommendations related to facility improvements. That earmark came earlier this year, when the district learned it would receive $2.8 million in unexpected state funds.

At the time, school board President Kathy Hewell said the district wanted to show "how important (Summit 303) is and how committed we are to the recommendations that come out of it."