6/9/14 - Taxpayers in Pinckney will be seeing lower rates towards the school district debt payments after a financial move pays off. The Pinckney Community School district has sold their 2014 refunding bonds for over $35 million. The bonds will be used to cover the rest of the cost remaining from 2004 bonds which were taken out to help fund the new high school that was built in 1997. The district also saves close to $12 million with a decrease of over $4 million in the districtâs interest rate for taxpayers and saves almost $8 million in future borrowing from the School Bond Loan fund. Linda Moskalik, Assistant Superintendent for Finance and Operations of Pinckney Schools, likens this to refinancing a mortgage on a house. Taxpayers will see their tax rates on the school debt decrease over the next 13 years, meaning taxpayers will save over $4 million. The refunding bonds were sold with a true interest rate of 2.87% with a final maturity of 2027. (JK)
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