A Palmerton Area School District bond refinancing yielded even better results than anticipated.

During a board meeting last week, Palmerton Business Administrator Ryan Kish said savings on the 2015 Series A bonds will come to $1,216,767 over the life of the loan.

“The original estimate was around $600,000 in savings, so this was really good news for the district as we move forward,” Kish said.

Last month, Zach Williard, of Public Financial Management, said his firm had been monitoring this opportunity for the district for over a year.

“Interest rates continue to be at record lows, which makes this a good time for this to be happening,” Williard said.

Palmerton’s existing loans call for around $2.5 million each year in debt service payments.

The 2015 bonds become callable, however, in February 2021 and the district can close a transaction within 90 days of that date.

Kish said the district could be looking to refinance another bond at this time next year.

In other action items, Palmerton’s board of directors:

• Approved a change order for Bluestone Environmental, Inc. related to the Towamensing Elementary tank installation. The change results in a decrease of the contract price by $5,925.

• Approved the district’s insurance renewal.

• Accepted the retirement of Jose Elvir, high school Spanish Teacher, effective at the end of first semester.

• Approved the first reading of policy 339 on uncompensated leave.

• Accepted the $700 donation from Drew Kohan (Class of 2003) to be used for technology or any other pandemic-imposed needs at the superintendent’s discretion.

• Approved the bus routes for the 2020-21 school year.