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School district votes to save taxpayer money
On Monday, Jan. 14, Oregon City School Board members voted unanimously to authorize the district to refinance a 2004 facilities bond and benefit from historically low interest rates.
"I want to pause and congratulate the school district and acknowledge the savings that will be brought to taxpayers," said Chris Storey, School Board vice chairman.
The refinance will save district taxpayers an estimated $3 million to $3.5 million over the remaining eight years of the bond. The nearly $45 million current balance on the bond will be paid off in June of 2020.
"This is great news for Oregon City School District taxpayers. Favorable interest rate markets and the district's strong credit rating will save millions of dollars in property taxes for school district households," said Wes Rogers, district business manager.