Culver School Board Approves Pension Bond Refinancing

Culver Community School Superintendent, Brad Schuldt
Culver Community School Superintendent Brad Schuldt

The Culver Community School Board this week approved a motion to refinance the corporation’s pension bonds. Superintendent Brad Schuldt explained that the corporation had borrowed money many years back to establish a fund to pay off the retirement obligations of the corporation and have been making payments on that loan.

Now, however, Schuldt explained the corporation decided to refinance those bonds because of low interest rates. He said refinancing the bonds now would ultimately save the corporation more money.

The board approved a motion to refinance the bond – the total amount of which, Schuldt said, came to roughly $2.6 million.