The New Ulm District 88 School Board on Thursday agreed to refinance approximately $5-million worth of bonds, a move that should save the district nearly $500,000 in debt service costs. The 15-year bonds were issued in 2004 to fund heating, ventilation and air conditioning upgrades, and the interest rate on the debt is now 1.75%, compared to 4% on the original debt. The move affects debt service costs only, and will not impact District 88′s general fund. Also on Thursday, the school board voted to call a special meeting on Thursday, March 15th to vote on proposed budget cuts for next school year. District 88 is looking to trim around $1.1 million from it’s budget through various means, including increased athletic and fine arts participation fees, delaying uniform purchases, eliminating coach busing costs, collecting admission for track and softball, increasing fees for FFA membership, and other proposals. The special meeting on the 15th will begin at 7pm at the District Administrative Center in New Ulm.