The Collinsville Area Recreation District recently employed Stifel Nicolaus to determine if refinancing the districts 2004 bond issue will be a cost saving move.

The results of the refinancing effort should be known by the end of October, Carl Ramey, senior vice-president with Stifel Nicolaus said. Bid packages will be distributed next week to potential purchasers. The effort will allow Stifel Nicolaus to determine the market for refinancing the bonds.

If no money can be saved, no action will be taken, CARD spokesperson Elizabeth Davis said.

The district is exploring the option now because the bonds are callable on Dec. 1, 2013, which allows for a possible refinance. The maturity date on the bonds is Dec. 1, 2018.

As of April 30, 2012, CARD had $23,731,830 in outstanding debt across all current outstanding bonds.