The Norwalk-Ontario-Wilton Board of Education agreed May 27 to refinance $2,655,000 of its long-term building debt, securing a new interest rate of 1.8 percent, a drop from 4 percent.
The Covid-19 pandemic had caused volatility in the bond market, resulting in lower interest rates, according to Lisa Voisen, a financial consultant with Baird, a wealth-management firm that works with the N-O-W School District.
The movewill save the district taxpayers $183,176 through 2030, or about $18,000 a year.
The debt is associated with the district’s 2010 addition, which consisted of new space for band and choir, technical education, high school art, Family and Consumer Education, special education, the Learning Media Center, computer education, the cafeteria and the high school office.