Caledonia — The Board of Education recently approved the refinancing of $10.5 million in bonds from the district’s 2016 bond issue, resulting in significant savings for local taxpayers.
The refinancing is projected to save more than $830,000 through 2032 — the remaining life of the bonds — representing a 7.49% savings in net present value. With the bonds reaching their callable status after 10 years, the district was able to act on favorable market conditions.
CCS has a history of leveraging refinancing to generate savings. In January 2024, the board voted to refinance $18.2 million in bonds from the 2014 issue, resulting in an additional $2.5 million in savings.
“When opportunities arise to reduce costs and benefit our taxpayers, we strive to take advantage of them,” said Sara DeVries, the district’s chief financial officer. “This is a great example of how we remain proactive in managing district resources.”
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