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UPDATED: Chelsea Schools Refinance Bonds, Save Taxpayers More Than $1.4 Million

The Chelsea School District is also considering a special election on May 7 for the renewal of 19.5126 mills.

The Chelsea School District is helping taxpayers save some money this year by refinancing its 2004 bonds.

According to the Chelsea Update, the Chelsea Schools Board of Education approved a resolution Jan. 14 to ratify the closing documents to refund the 2004 bonds, which will save the district and its taxpayers $1.1 million for total debt service payments, and about $333,000 in loan fund interest expenses for a total of $1.4 million in total savings.

On Sept. 24, 2012 the board adopted a resolution to refinance the 2004 school building and site bonds. The vote on Jan. 14 was another step in the process.

According to the online blog, the board is also considering a special election on May 7 for the renewal of 19.5126 mills. A vote is expected on Jan. 28.

The proposed millage rates will expire in 2013 and 2014, and will allow the school district to continue to levy the statutory rate of 18 mills required of school districts to receive its full state revenue per pupil foundation allowance.

Read the complete story on the Chelsea Update website.

Bob Spink January 18, 2013 at 05:11 PM
this interest rate can't be right
Bob Spink January 18, 2013 at 05:11 PM
The clarity on this story is really poor!
Daniel Lai January 18, 2013 at 07:05 PM
Hi Bob, I took a closer look at the issues, and corrected the story.

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