Green Bay schools to save $3.3 million in bond interest

GREEN BAY - The Green Bay Area Public School District expects to save more than $3 million in interest on bonds through a pair of federal programs.

School leaders said of the $16.7 million voters approved in an April referendum, $16,571,000 will be interest-free. The district was allowed to borrow $8,521,000 in federal Qualified Zone Academy Bonds (QZAB) and $8,050,000 in Qualified School Construction Bonds (QSCB) at zero percent interest.

Combined, the two bonds are expected to save $3.3 million in interest.

To qualify for the QZAB program, districts must have 35 percent of more of their students eligible for free or reduced-price school meals under the National School Lunch Program. The Green Bay Area Public School District is at 54 percent. The QCSB program is open to all school districts, regardless of size or poverty levels. Top priority went to school districts that have passed a referendum or have a board-approved resolution to issue non-referendum debt, school leaders said.