MARSHALLTOWN The Iowa Valley Community College District Board of Directors took final action to refinance outstanding 2010 dormitory revenue bonds in an amount not to exceed $3.992 million when it met this afternoon. Bankers Trust Company of Des Moines was named the paying agent, bond registrar and transfer agent for the project.

The Board approved a tax exemption certificate for the project, and then authorized the issuance and securing payment of $3,992,000 dormitory revenue refunding bonds and providing for a method of payment of the bonds.

The refinancing of the dormitory revenue bonds, which mature in 2030, will save the District more than $435,000 over the remaining life of the bonds with a lower interest rate. The refinancing will also move the bond maturity date from 2030 to 2029.