The El Dorado school board was presented an opportunity to possibly save more than $1 million by lower the payments made on the school bond created back in 2007.

Representatives from George K. Baum & Company proposed the plan at the school board meeting Monday night.

The refunding issue was done a decade ago as an advanced refund from the school bond in 2007. USD 490 currently is rated as AA-, which is very good standing for getting this refund. If the paper work is closed (which would be done in June) and everything holds up, the principal and interest cost on the original bond would be reduced by $1,417,000, which would be spread out in chunks of about $110,000 per year through 2030. Precise values are subject to change based on market conditions.

The board unanimously approved the hiring of the company’s service to get an official proposal in the works. The actual decision to execute the plan will come with a later vote.

Check future issues of the Times-Gazette for more details on this story as they develop.