Iron Range Resources and Rehabilitation Board (IRRRB) Commissioner Tony Sertich has announced that the agency has refinanced $8 million in Educational Facilities Revenue Refunding Bonds, which will save the agency over $1 million. Moody’s Investors Service upgraded the rating on these bonds to A1 from A2.
The savings will benefit Cook County School District (ISD 166), which will receive $1 million of the recent distribution, said Superintendent Beth Schwarz.
“I am pleased we were mindful and responsive to be able to take advantage of better market conditions to save our agency money,” said Sertich. “Every dollar we save in our borrowing can be used to invest more into our communities. I am also proud of our ongoing support of education in the region.”
IRRRB’s support of education through revenue bonds dates back to July 2006. At that time, the agency disbursed over $15 million of local taconite production taxes in revenue bonds to 15 school districts for health, safety and maintenance projects under a bond package approved by the legislature.
In October 2013, IRRRB disbursed an additional $38 million of local taconite production taxes to 15 regional school districts for building projects, such as energy efficiency, technology, infrastructure, health, safety, and maintenance improvements, under another bond package approved by the legislature.
IRRRB is a state economic development agency headquartered in northeastern Minnesota whose mission is to promote and invest in business, community and workforce development for the betterment of northeastern Minnesota.
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