RAPID CITY, S.D. (KOTA TV) - The Rapid City Area School District could save more than a million dollars by simply refinancing an outstanding loan.
RCAS officials are hoping to save more than $1 million by simply refinancing a loan.
Director of Business and Support Services, Coy Sasse, says this is the real deal. The $21 million loan was taken out in 2012 primarily for the addition to Corral Drive Elementary School and the remodel at Rapid City High School. Sasse says the financial environment was just right and they were able to reduce the interest rate from 3.16 to 2.08 percent.
Sasse estimates savings will bring in more than a million dollars over 12 years.
"A million dollars is obviously a significant amount of money," Sasse said. "When you look at some of the badly needed infrastructure needs in our district, that's a lot of money we can now reroute to address a lot of those needs."
He says they are able to keep the original maturity date - or the final payment of the loan. He is calling the refinancing a total win.
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