JOPLIN, Mo. — The Joplin school district is saving hundreds of thousands of dollars for future projects.

Tuesday night the school board approved moving forward with refinancing a General Obligation School Bond that currently costs more than $20 million.

The bond was originally created in 2012 and cost $35 million.

It was used to rebuild several schools that were destroyed after the May 22, 2011 tornado.

The school district was planning on refinancing through the “Missouri Direct Deposit Program,” but will be going another direction.

“The Attorney General released a directive yesterday that said anything that was going to be a participate in the Missouri Direct Deposit Program. We had to sign something that said we would be in compliance with those directives. Since its a brand new compliance certificate our Bond Council was not comfortable having us sign that just yet,” said Shelly Toft, Joplin Public School Chief Financial Officer.

The district hopes to do the bidding by early next week and have the bond refinanced by the end of the year.

It’s projected to save the district anywhere from $2.6 million to $3.1 million.