NEW BLOOMFIELD, Mo. - The R-3 Board of Education has reissued $1,130,000 in general obligation bonds at a lower interest rate, saving the school district $131,215 in future interest costs.
The board on Thursday night exercised an option to call the bonds that carried an average annual interest rate of about 3.78 percent.
The board then authorized its bond consultant, L.J. Hart & Company of St. Louis, to issue new bonds for the remaining balance of the bonds at an average annual interest rate of 1.95 percent.