USD 501 refinances bonds, saving taxpayers $20.5 million

TOPEKA, Kan. (WIBW) - Topeka Public Schools is refinancing bonds in a move that will save taxpayers tens of millions of dollars.

The bonds are part of a $143 million spending issue voters approved in 2014.

The final payments were set to happen in 2044. But USD 501 officials say current bond market rates made it a good idea to refinance.

The final payments are now set for five years earlier, in 2039. The district says the shorter time frame will save taxpayers $20.5 million.

“We are always vigilant in looking at opportunities to save taxpayer dollars and this was a tremendous opportunity for us to do so.” said Larry Robbins, Deputy Superintendent for Topeka Public Schools. “We are thrilled to be able to save taxpayers a significant amount of money, particularly after the confidence the voters placed in the school district by approving the bond issue to begin with in 2014.”

The bond issue paid for improvements including storm shelters at several district school, and the K-thru-8 campus at what formerly was only Jardine Middle School.