BIDDEFORD — The Biddeford School Department is considering refinancing a 2011 bond approved by voters for renovations to Biddeford High School, a move that could save taxpayers upward of $2 million over 20 years.

Superintendent Jeremy Ray said at the School Committee meeting Tuesday that the department is considering the move because interest rates are down, and refinancing the bond at current rates could save taxpayers a significant amount of money.

The school renovation bond, which was approved by voters in 2011 for $32 million, expires in 2036. Ray said the bond’s end date would not be extended; rather, the bond would end as intended, and taxpayers would pay less each year leading up to that.

“Interest rates are at an all-time low, so we’re looking at bond refunding. It’s basically like refinancing your home,” Ray said.

Ray said interest rates on bonds are currently in the 2 to 3 percent range, and if the School Committee and City Council approve the plan, taxpayers could see a savings of $1.6 to $2 million.

“Your term stays the same, payoff would still be at the same time, but when you have interest rates down into the ‘twos,’ we have an opportunity to refund the city upward of $2 million worth,” Ray said during the meeting. “Anytime we can look at taxpayer’s dollars and put a savings into that, that is just good financial management.”

Ray noted that the money saved by refinancing would put money back into the city for capital improvement funds.

He believes the City Council will soon take up the topic at a meeting. The proposal must go to the council, because city councilors handle all bond-related issues.

When asked if he thought the idea would be well-received by councilors, Ray was optimistic.

“Why wouldn’t you refinance something if it could possibly save you $1.6 to $2 million dollars?” he asked.

While the timeline for refinancing is not clear, Ray said, he hopes to act fast before interest rates begin to rise again.

“We want to move fairly quickly, as we want to capitalize on low interest rates,” he said.

In other news, the School Committee on Tuesday unanimously approved a proposal to establish a cooperative, or co-op, girls’ ice hockey team between BHS and Thornton Academy.

BHS Athletic Director Dennis Walton said the coop would act as one team, scoring points for both schools. Walton said this differs from individual co-ops, in which a student may play a sport that his or her home school doesn’t offer with another school’s team, but where the points earned go to the student’s home school.

The motivation behind the co-op team lies in numbers, Walton said. Currently, there are only 14 girls skating for BHS, which Walton said is a “dangerously low number.”

Walton said four girls at Thornton Academy have expressed interest in playing ice hockey, but there is no girls’ ice hockey program at TA.

Establishing a combined team would allow the girls at Biddeford to play in safer conditions, and may spark more interest among female athletes at TA, which could allow for development of the school’s own program once the two-year co-op is over, Walton said.

“This is really a good situation, this co-op, for both schools,” he said.

As part of the agreement, TA would pay a flat fee of $1,000 for each student who participates in the program, and the students would practice with BHS’ existing teammates in Biddeford.

School Committee Member Tony Michaud praised the co-op.

“I think this is a win-win for Biddeford and Thornton Academy, and I’d be interested in seeing future collaboration,” he said.

The proposal will now go to the Maine Principals Association for consideration.

— Staff Writer Alan Bennett can be contacted at 282-1535, ext. 329 or [email protected].