GHAPS eyes lower rate

Homeowners in the Grand Haven school district may soon see their summer tax bill a bit smaller.
Krystle Wagner
Oct 29, 2013

The school district is in the process of lowering the interest rate on the remaining $9 million debt for its 2005-issued bond.

The current interest rate varies monthly between 3 and 5 percent. The lowered rate would vary between 3 and 4.25 percent.

Lisa Danicek, director of information services for Grand Haven Area Public Schools, said the lower rate is expected to save taxpayers about $340,000 over the final 10-year bond repayment. She said the district’s bond council estimates owners of a home with a taxable value of $100,000 would see $15 in savings annually for the next three years.

In about three weeks, an official rate from the district’s bond attorneys and underwriters will be available. Danicek said the market is favorable, and the district is optimistic that estimates will return as expected.

“It’s a great opportunity for us to re-up them at some savings for our taxpayers,” she said.

If the rate doesn’t save about 2 percent, the district won’t proceed further, Danicek said.

In 2005, Grand Haven school district voters approved a bond of more than $16 million that paid for a new athletic complex at the high school; improvements to middle school athletic facilities; security cameras and defibrillators in all buildings; and improved bus and parent pick-up and drop-off areas at Ferry, Lake Hills and Robinson elementary schools, Lakeshore Middle School, and Central High School.

The district has lowered the interest rates on bonds passed in 1995, 1998, 2003, 2005, 2008 and 2011.

Superintendent Keith Konarska said lowering interest rates along with a “strong tax base” has allowed the district to maintain the lowest total school tax levy in Ottawa County.

 

Comments

LessThenAmused

And the significance of "The Apple Pie Hub Bub" was that it was the first novel where I used vowels.

LessThanAmused

Buh-bye

christopher

What about Spring Lake . . . what is happening to the tax rate here?

shamalamadingdong

100,000.00 property value will save an estimated $15.00 annually over the next 3 years. Thank goodness this article was written because unless you own a mega mansion on Lake Michigan, I don't think you would have ever noticed the lower rate.

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