Southwestern Schools refinanced $1.5 million in bonds issued in 2004 because of lower interest rates that are currently available.

The bonds were issued to buy out teacher sick days, according to Laura Boldery, assistant to the superintendent and school treasurer, said. 

The bonds were purchased by the Indiana Bond Bank, who asked Boldery to bring the issue before the Southwestern School Board. 

"Right now we owe $885,000, and they just sent me today (an email) saying they anticipate at least $21,000 in savings," Boldery said. 

The bond is scheduled to be paid off in July 2020.

The school board also accepted a $50,000 matching school security grant Tuesday.

The state issued grant will allow the school district to hire two school resource officers and purchase new security equpiment for their school buildings. 

School Superintendent Steve Telfer said he hopes to have the school resource officers in place in January.