(KLZA)-- The Auburn Board of Education has approved calling and re-issuing bonds issued in 2009 for work on the Calvert Elementary School and the Middle School, which could results in nearly a half-million dollars in savings.

Superintendent Kevin Reiman noted this is the second time the bonds have been reissued for a substantial savings. The bonds can be recalled every five years.  Previously the bonds were recalled and re-issued with a savings of $300,000. This time the school district expects the savings to be $480,000.

In addition the bonds will now be paid off approximately a year-and-a-half earlier with the last payment due in 2032.