Skidmore College is asking the Saratoga County Capital Resource Corp. for support in refinancing about $41.5 million in existing debt.
The Capital Resource Corp. scheduled a meeting for April 2 to vote on the application from the private college.
Skidmore wants to refinance the $13.4 million balance on bonds taken in 2003 through the Saratoga County Industrial Development Agency, as well as nearly $28 million in 2004 bonds issued by the state Dormitory Authority. College officials believe they can get a lower interest rate than the current 4.1 percent.
The college doesn’t yet know what its new interest rate will be, but hopes to save $2.5 million over the next 20 years, said Michael West, the college’s vice president for finance and administration. He noted that the college has launched a capital campaign to raise $220 million to $250 million for a new science