Snowmobile Trail Maintenance and More at the Owen-Withee School Board Meeting
Friday, February 12th, 2016 -- 8:13 AM
-The Owen-Withee School Board approved a Land Use Agreement at their meeting on Monday.The board unanimously approved a 5 year contract to allow the snowmobile trail that runs through the school forest in the Town of Hoard to be maintained and used by the Boomtown Snochasers Club. District Administrator Bob Houts presented the possibility of refinancing the District's Unfunded Pension Liability that the district borrowed for back in 2006. This spring will be the first opportunity for the district to pay off that debt that was originally a 20 year loan at 5.64% interest. The current payment on that debt is $102,000 per year.
If the board refinances through the State Trust Fund, they can either borrow $745,000 for 10 years at 3.25% with an annual payment of $88,332 or they can borrow $900,000 for 10 years at 3.25% and have an annual payment of $106,710 (slightly higher than the current payment). The money would be used to pay off the UFPL of $745,000, leaving $155,000 to do some much needed projects. The board unanimously voted to proceed with the refinancing of the debt to the lower rate of interest. The dollar amount to borrow will be discussed and voted on at the March meeting.
Feel free to contact us with questions and/or comments.