If the ND Legislature funds the State School Construction Fund in January 2015 (which provides for a 4.0% interest rate reduction) it would allow the interest rate on this school renovation project to be reduced to 1.0%!!!*
The Minto School District project is $5.8 million and would qualify for a state loan of 90% of project.*
Linda Lutovsky has already submitted an application to the ND State Department of Public Instruction for the state loan, so subject to the legislature putting some more funding into the loan program in January, and the bond referendum passing, the District should hopefully have a good opportunity to obtain most of the funding for the project at a below market interest rate.
Contact your legislators about this important financial relief!
*Final loan amount and interest rate will
be determined by DPI next year if the legislature approves additional
funding for the loan program.
Information provided by Myron Knutson (Public Financial Management)
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