Taxpayers in Norway have something to smile about. They'll be able to keep more money in their wallets due to savings in the school district.
Recently, the Norway-Vulcan Area Schools sold its 2013 school building site and refunding bonds. The bonds reduce the district's interest expense for taxpayers by over $170,000.
The district also received a Moody's Investors Service Rating of A-1. As a result, more people wanted to buy bonds.
"We got a very good rating from Moody's, and when we went to sell the bonds, we actually had more buyers than we had bonds; this allowed us to go back and lower the interest rates we had anticipated by even more," said Superintendent Louis Steigerwald. "In doing so, we'll be able to lower millage rates come next round of the next school year by about .2 to .25 mills."
The successful sale lowered the tax rate for area property owners but allows for remodeling and technology improvements in the schools.