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Archive - Jul 27, 2012

School district saves $372,503 by refinancing loans

July 27, 2012

The Kane Area School District is saving $372,502 by refinancing loans linked with the renovation of the middle school and the construction of a new elementary school.
Nearly $339,000 of the savings will be seen in the current fiscal year that began July 1.
The savings won’t affect the school taxes due in August. Instead, the savings of $338,922 will be seen in the form of a budget transfer from debt service to the capital reserve fund. This is the fund tapped to pay for major school repairs such as the new roof at the high school.

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