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Re-financing School Bonds In Virginia Saves Millions

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Twenty-eight Virginia school divisions are getting a break on what they owe the state.

Governor Tim Kaine says Virginia saved more than $28 million by refinancing Public School Authority bonds. The savings will be given to localities as a one-time credit against their payment next July.

Prince William County will see the biggest savings, more than $5 million. Stafford County's credit will be more than $3 million. Loudoun County will save approximately $430,000. The Literary Fund will also benefit, receiving more than $4 million in savings.

The credits come in the midst of budget pressures at the state and county levels. Kaine says his administration will continue to look for refinancing opportunities.

Rebecca Blatt reports...

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