The Sioux Falls School District expects to save about $2.3 million over the life of existing debt after completing a bond transaction.
Officials say that it will reduce annual payments by about $200,000 beginning after the next fiscal year.
Business Manager Cameron Kerkhove told the Sioux Falls School Board on Monday that the district used a bond tender process because conventional refinancing was unattractive with current interest rates higher than the rates on the district’s existing debt.
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