ST. PAUL, Minn. - The nation's ongoing economic struggles have an upside for Minnesota cities, counties and school districts that have saved millions by refinancing debt at rock-bottom interest rates.
There's no overall tally of statewide savings. But the city of St. Paul's finance director tells the St. Paul Pioneer Press for a story Monday that the savings have been "astronomical".
For example, the South Washington County school district saved $14.6 million in nine separate refinancings since 2001. In May, the Rosemount-Apple Valley-Eagan school district replaced bonds with a 4.75 percent interest rate to 2-percent rate bonds. That will save the district $3.75 million over the life of the bonds.
Cities like Woodbury and Forest Lake, as well as Washington County, have gotten in on the action too.
(Copyright 2012 by The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. )