Hesperia schools reduce taxpayer expense by $675,000.

November 30, 2017

Hesperia schools reduce taxpayer expense by $675,000.


HESPERIA — “Hesperia Community Schools once again seized an opportunity to reduce the district’s interest expense by $675,000 for taxpayers,” according to a press release from Superintendent Vaughn White.

“This occurred through lowering debt payments over the next 21 years for bonds issued for the 2009 building renovations. The 2009 bonds maturing in the years 2020 through 2038 having a 4.8 percent interest rate were replaced with new funding bonds with the same bond term at an interest rate of 2.66 percent,” White said.

“Additionally, it is estimated that the refunding will reduce the district’s dependence on the Michigan School Loan Revolving Fund in the future, avoiding the estimated $370,000 of additional interest expense. This is great news for district tax payers as they are projected to save $1 million over the life of the bonds.”

This story is copyrighted © 2017, all rights reserved by Media Group 31, LLC, PO Box 21, Scottville, MI 49454. No portion of this story or images may be reproduced in any way, including print or broadcast, without expressed written consent.


Tags: ,


Subscribe to OCP via email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 12,810 other subscribers