The New Ulm District 88 School Board approved the preliminary local tax levy payable in 2013. The board approved the maximum amount allowed by law at $4,876,133, which is down 2.14-percent from last year. The operating levy is down over $111,000 from last year, a 3.48 percent drop. That is due to a decrease in funds for health and safety levy and some other factors. The levy amount could change after county auditor adjustments. The board also approved the refinancing of over $2.1 million in general obligation school building bonds issued in 2006. This will result in net savings of about $175,000 in future debt redemption costs and allow the bonds to be redeemed in 2016, which is a year early.