June 7, 2018
318 Residents to See Savings on Elementary School Construction
On Monday, June 4, the ISD 318 School Board secured a bond for the construction of the East & West Elementary schools and renovation of Cohasset Elementary at lower rate than anticipated. In the process of planning for the referendum, the district had planned for a bond interest rate of 4.25%. However, due to favorable economic conditions and the excellent bond rating of the district, the bond was secured at an interest rate of just 3.37%
The lower interest rate means a savings of $5 million in tax and interest for ISD 318 residents.
On a $150,000 home, the pre-election estimate was $7.72 per month, but with the lower rate, monthly payments will be just $6.81.
Additional information about the bond sale, along with regular updates are available here on our website under the Facility Plan Tab.