School board to consider refinancing bond rates

RAYMONDVILLE — School board members today will consider refinancing bonds at lower interest rates to save about $800,000.

In a meeting, board members are expected to discuss refinancing the remainder of a $9.8 million bond sale used to fund construction of Myra Green Elementary School.

“It’s an opportunity for us to save money for the district,” Superintendent Johnny Pineda said yesterday. “We want to be fiscally responsible to the taxpayers of our community.”

Officials are counting on lower interest rates to save money, said Christy Gonzalez, the district’s business manager.

Gonzalez said the district sold the bonds at interest rates of about 3.5 to 4 percent in 2008.

“The interest rates are going pretty low,” Gonzalez said.

She said she did not have information readily available to determine the amount of outstanding bonds.