Here is some FANTASTIC NEWS!
Is everyone ready for a mortgage burning party?!
Through fiscal responsibility & excellent planning we are able to pay-off our school buildings by this April, 2021 - more than 3 years early!
Taxpayers will see an immediate “bond property tax reduction” this year (2021)!
Important Details:
- Northwestern is in a position to pay-off our buildings by April, 2021
- Our final payment was originally expected to be in Dec., 2024
- We are providing an immediate “bond property tax reduction” that will provide some tax relief to our community! This means we are collecting a reduced .4 millage rather than the bond’s 1.2 mil effective millage this year!
- By refinancing our bond at a lower interest rate with the balloon payment terms we put in place in 2011 the district saved our taxpayers over $266,000 in interest over the past 10 years!
- By retiring the bond early we will save taxpayers an additional est. $21,000 in interest!
- Now we all benefit!
Facts:
- We have been conservative in our expenditures
- We have proactively worked to reduce this bond debt
- The district refinanced our bonds at a lower interest in 2011
- We elected a balloon payment schedule when refinancing in 2011. The balloon refinance and amortization with increasingly larger payments, followed by smaller payments the last years of the bond
- Our Emergency Levy will also be reduced - from the original 2.8 mils to an effective 2.5 mils this year (2021)!