Finance board approves refinancing plan for small county school bonds

The state Finance Board on Thursday approved bond refinancing plans for three small school districts.

Treasurer Brian Krolicki said the Permanent School Fund Guarantee Program allows small school districts to use that fund to back up their construction and repair bonds. That guarantees them an AAA bond rating and the better interest rates that go with it.

Churchill County will save about $400,000 by refinancing $6.5 million in bonds through the program. Humboldt and Pershing counties, he said, will save about $300,000 each by refinancing $5.5 million in bonds apiece.

Krolicki said now an an excellent time to refinance bonds because interest rates are so low. In this case, he said the new rates will be about 4.8 percent.