Board of Commissioners of Public Lands Approves Owen-Withee School District's $900,000 State Trust Fund Loan
Wednesday, April 6th, 2016 -- 8:39 AM
-The Board of Commissioners of Public Lands approved a State Trust Fund Loan totaling $900,000 to the School District of Owen-Withee to refinance WRS unfunded pension liability and building projects.At the Owen-Withee School Board’s meeting back in March, the board unanimously approved refinancing existing district debt by securing this loan from the State Trust Fund. 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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