The Governing Board of the Buckeye Union High School District approved a refinancing proposal Monday expected to save taxpayers up to $3 million.
A plan presented by Jeff Simmons of Stifel, Nicolaus & Company Inc. proposed moving the final debt maturity year from 2037 to 2034 resulting in a savings of at least $750,000 but as much as $3 million, contingent on securing lower interest rates.
Simmons said in general, the plan would replace older higher-rate debt with lower-rate debt and shorten the term to reduce interest costs.
Savings also is expected because of increased property valuations coming from new development around Buckeye, according to the Simmons.
Editor's note: This story will be updated.
