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Northland Pines district refinances debt, saving taxpayers $760,000Submitted: 05/11/2015
Story By Lauren Stephenson

Northland Pines district refinances debt, saving taxpayers $760,000
EAGLE RIVER - Taxpayers in the Northland Pines School District will likely see some savings after the district refinanced its more than $16 million debt. This is the second time the district has been able to refinance. The move will save the district's taxpayers about $100,000 each year.


The district spent about $28 million in taxpayer money to build Northland Pines High School in 2006. District Administrator Dr. Mike Richie says that method of financing restricts the ways in which the district can spend any savings from the refinancing

"When we passed the referendum, the money was designated for the high school," Richie said. "So what this means is our tax levy will be lowered because of the savings. So we can't take that $760,000 and use it for anything else."

The district's on track to pay off the debt by 2024, and it was able to refinance because of its high Aa3 bond rating.

"The higher the bond rating, the lower interest rate you're going to receive, and then the more bidders that will bid out the project," Richie said. "And so we were very fortunate to refinance at about 2.5 percent, and the old rate was over 4.5 percent."

The district paid off its debt on the Eagle River Elementary and Northland Pines Middle School building in 2012. It paid off its debt on the Land O' Lakes and St. Germain Elementary School buildings in 2014.

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