MINGO JUNCTION — The Indian Creek Local School District has refinanced its Indian Creek Middle School construction bonds, a move officials say will save taxpayers more than $2 million and reduce future property tax burdens.

District Treasurer Adam Lewis said the refinancing of older 2006-era bonds was made possible by lower interest rates and will result in approximately $2.035 million in total savings over the remaining 10 years of the debt.

“With interest rates being a little bit lower, there were some savings and we refinanced the middle school bond,” Lewis said. “We’re selling new bonds to retire old bonds and save on interest.”

He said the move functions similarly to refinancing a home mortgage, allowing the district to secure a lower rate and reduce long-term costs.

“We basically took out a loan to pay off a loan and we got a better interest rate,” Lewis said. “The taxpayers are going to see a reduction in the bond levy this year.”

Lewis said the district expects savings of about $203,000 per year and noted that the Jefferson County Budget Commission will review tax rate adjustments once the refinancing is finalized.

He added that the transaction also improved the district’s financial standing, with its bond rating upgraded from A2 to A1 by Moody’s Investors Service.

“A higher rating signals to investors that Indian Creek is a lower-risk, well-managed district,” Lewis said.

Superintendent T.C. Chappelear said the refinancing strengthens the district’s long-term outlook.

“It’s a win-win for our district and the taxpayers of our district,” Chappelear said. “The bond rating was upgraded to an A1 and the bond investors feel Indian Creek is continually the better bet.”

Lewis credited prior financial leadership and ongoing fiscal management for the district’s improved standing, noting that the refinancing reflects continued financial responsibility and planning for future savings.