The members of the St. Martin Parish School Board decided to give approval to refinancing near 2 and 1/2 million dollars in bonds.

The board gave approval to the issuance of new bonds.  Those bonds are being used to pay off the debt of 2003 to result in a net saving of one hundred sixteen thousand dollars.

Before the interest rate was four percent, but with the news bond the rate was fixed at 2.35 percent resulting in the dollars saved.

The change came about after Grant Schlueter, bond attorney, did the same kind of deal in Iberia Parish and then approached St. Maritn Parish about working to save them many as well.

Now that the board has approved the measure, the next step will be approval with the state Bond Commission.