FORT JENNINGS — Jennings Local School District voters will get out of the bond levy for the new school facility eight years early.
School officials alerted residents in January that 3.7 mill bond levy was paid off in December after the last payment of $53,300 was made.
Voters in the school district approved the levy in 2000. The cost of the new building was $13 million, with the state picking up 83 percent of the tab. District voters were responsible for about $2.5 million along with $250,000 for the new school site.
“We ultimately saved district taxpayers $838,000,” Jennings Superintendent Nick Langhals said. “We had the opportunity to refinance in 2007, and even a small percentage can add up to a lot of money when you are talking millions of dollars. As we collected, we paid it out right away.”
Discussion on the early payoff is on the agenda for Wednesday’s school board meeting. The bond levy was approved for building the school, so the district will quit collecting on the levy. Savings will start immediately in 2017. The savings will be noticeable to family budgets as the levy collected about $129 annually on a $100,000 home. Ultimately, a taxpayer with a $100,000 home will save more than $1,000.
The district refinanced the loan in 2007 at 4.9 percent. The original interest rate was 5.99 percent.
“Jennings Local School District would like to thank the residents of our district for their support,” Langhals said. “Due to this support and timely tax payments by responsible citizens, the district has paid off the school bond eight years early and saved them a lot of money.”
Reach Lance Mihm at 567-242-0409 or on Twitter @LanceMihm.