Low interest equals savings for Minn. governments
ST. PAUL, Minn. (AP) — The nation's ongoing economic struggles have an upside for Minnesota cities, counties and school districts that have saved millions by refinancing debt at rock-bottom interest rates.
There's no overall tally of statewide savings. But the city of St. Paul's finance director tells the St. Paul Pioneer Press for a story Monday that the savings have been "astronomical."
For example, the South Washington County school district saved $14.6 million in nine separate refinancings since 2001. In May, the Rosemount-Apple Valley-Eagan school district replaced bonds with a 4.75 percent interest rate to 2-percent rate bonds. That will save the district $3.75 million over the life of the bonds.
Cities like Woodbury and Forest Lake, as well as Washington County, have gotten in on the action too.
Copyright 2012 The Associated Press.