The Southwestern Michigan College Board of Trustees has taken a step to save money by refinancing some bonds. At a Thursday meeting, the board refinanced the bonds that were taken out to pay for the building of SMC’s second residence hall in 2009. The original issue was for $7.5 million. The proposed refinancing of $6.3 million of bonds will save the college housing fund an estimated $48,000 each year for a total savings of more than $1 million over the next 21 years. The average rate on the debt is expected to decrease from about 7.12% to 5%. The final bond sale will take place on August 13.
