Owen-Withee School Board Approves Refinancing District's Debt
Monday, March 21st, 2016 -- 8:15 AM
-The Owen-Withee School Board approved refinancing the district’s debt at their meeting last week.The board unanimously approved refinancing existing district debt by securing a loan from the State Trust Fund for $900,000. Currently, the District owes $745,000 and will burrow $900,000. The term will be the same, 10 years, but the interest rate will go from 5.64% to 3.00%.
Currently, they make an annual payment of $102,000. By lowering the rate, but increasing the amount borrowed, their payment will be roughly, $104,000 per year for 10 years. The money has been earmarked for bleacher replacement, gym floor refinishing and elementary playground equipment replacement, all projects listed in the Facilities Audit as safety issues.
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