The Freeport Board of Education has approved a proposal to refinance the School District ’s outstanding bonds, with the prospect of saving up to $1.9 million in interest through the year 2032.

If the current economic climate continues, the District will purchase Advance Refunding Bonds that will pay off its existing, higher interest bonds in 2011, as soon as they are callable. In the meantime, interest on the borrowed funds will also be beneficial financially.

"Freeport Public Schools rank financially as ‘a district in good standing,’" said Superintendent of Schools Dr. Eric L. Eversley, referring to a recently earned elevation in the School District’s bond rating given by Standard and Poor’s from A to A+, in recognition of "solid financial performance." Freeport is one of only 11 districts statewide to rate above an A, Dr. Eversley noted.

Deputy Superintendent Kishore Kuncham said that the District’s elevated bond rating plays a role in the savings that could be realized by refinancing. However, he said, the window of opportunity is narrow. In the weeks it will take to prepare the refinancing, changes in the nationwide economic picture affecting the amount to be realized in savings could prompt the District to reconsider.