WESTMORLAND — The Westmorland Union Elementary School has refinanced school bonds, resulting in a savings for landowners in the district.
The district board adopted a resolution at a meeting Oct. 11 authorizing the issuance of refunding general obligation bonds, according to a press release from Westmorland Union
The district has reduced the debt service obligation of its taxpayers through 2019.
The original debt service, passed in 1994, was $2.28 million to be paid by taxpayers from 2002 through 2019.
The new debt service is $2.18 million, saving taxpayers $97,765.32 or a percentage of 5.422.
District Superintendent Jim Matherly said, "We caught it at a very good time. The market was just right because the interest rates were down, which gave us a really good chance for refinancing."
Residents who own land with an assessed value of $50,000 will save $29.07 over the term of the bond; those with $100,000 in property will save $58,14; $150,000 will save $87.21; and $200,000 will save $116.28.