Low interest rates help Bozeman schools save big
Tuesday, July 24, 2012 at 6:51PM (BOZEMAN)- The low interest rates might not be doing much for your savings account. But Bozeman school administrators say it will help you save your tax dollars.
That's the latest word after the Bozeman School District added up the results of last week's bond sale to raise $10-million to pay for the city's new elementary school. Voters approved the measure a couple of months ago, a package that will spend over $26-million for a variety of projects.
The Bozeman Daily Chronicle reports the district had been expecting the interest rate on the bonds to come in at 3.75%. But the school board was told Monday night the rate ended up at 2.42%. And that's going to save approximately $1.5-million on the first phase of the funding.
The second bond sale will happen later this year.
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