Good news for taxpayers in Iron Mountain as the recent school bond that voters approved was projected to sell at a four percent interest rate, but as it turns out, it was a 2.63 rate.
The school bonds were successfully sold at $9.5 million on May 8, with a much lower interest rate than expected. This lower rate has a projected savings of over $1.8 million for taxpayers over the 18 year life of the bond.
"Our projects this summer are mainly focused on getting our east elementary school ready for the 4th, 5th, and 6th grade that will be occupying that building next year," said superintendent Tom Jayne. "Technology is a huge part of that component. Throughout the district we're going with iPads and Macbooks for all of our teaching staff."
To break down the savings, for the average taxpayer it will be a saving of about $13 a year, and $234 over the life of the bond.