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Refinancing two bonds saves Frazee School District thousands

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The Frazee-Vergas School District will be saving some major bucks thanks to refinancing opportunities and interest rates nearly bottoming out.

The school board voted unanimously Monday night to refinance two 2004 bonds, saving about $154,600.

The two bonds are worth about $2.7 million, and were refinanced with a .6623 percent interest rate for the next six years. Yes, less than 1 percent.

The low bidder for refinancing bonds was United Bankers Bank of Bloomington.

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