PENDLETON — Six years after it passed, local voters will be getting a bargain on the 2013 Pendleton School District bond.

At a Pendleton School Board meeting Monday, Director of Business Services Michelle Jones told the board that the district refinanced the bond on Dec. 4, netting the school system $3.3 million in savings.

According to district officials, the refinance could result in a lower property tax rate for the public or keep the tax rate stable should the district pursue another bond.

After school district residents approved the bond in 2013, the district used the $55 million to pay for new Washington and Sherwood Heights elementary schools, among other improvements and renovations. The bond is set to expire in 2038.

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