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Refinancing for Waynesboro Area School District saves about $1 million

September 25, 2012

WAYNESBORO, Pa. — A recent refinancing effort for Waynesboro Area School District debt helped the district realize about $1 million in savings.

The district refinanced about $8.8 million in principal. It issued bonds through consultant Public Financial Management Inc.

The new interest rates vary over the next 15 years, but Gregg McLanahan from Public Financial Management said Tuesday the average is 2.29 percent.

Initial savings are being used to make building improvements and make payments on debt related to those improvements, board member Chris Lind said.

Waynesboro Area School District has a reputable name and good credit rating in the bond market, McLanahan said.

The district will be making payments of $320,839 to $571,475 each year on the refinanced debt.

— Jennifer Fitch

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