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7571 North Elyria Road, West Salem, OH 44287
Phone: (419) 846-3151
Fax: (419) 846-3361
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Our Northwestern Schools Paid-off!

Here is some FANTASTIC NEWS!

 

Is everyone ready for a mortgage burning party?!

 

Through fiscal responsibility & excellent planning we are able to pay-off our school buildings by this April, 2021 - more than 3 years early!

 

Taxpayers will see an immediate “bond property tax reduction” this year (2021)!

 

Important Details:

  • Northwestern is in a position to pay-off our buildings by April, 2021
  • Our final payment was originally expected to be in Dec., 2024
  • We are providing an immediate “bond property tax reduction” that will provide some tax relief to our community!  This means we are collecting a reduced .4 millage rather than the bond’s 1.2 mil effective millage this year!
  • By refinancing our bond at a lower interest rate with the balloon payment terms we put in place in 2011 the district saved our taxpayers over $266,000 in interest over the past 10 years!
  • By retiring the bond early we will save taxpayers an additional est. $21,000 in interest!
  • Now we all benefit!

 

Facts:

  • We have been conservative in our expenditures
  • We have proactively worked to reduce this bond debt
  • The district refinanced our bonds at a lower interest in 2011
  • We elected a balloon payment schedule when refinancing in 2011.  The balloon refinance and amortization with increasingly larger payments, followed by smaller payments the last years of the bond
  • Our Emergency Levy will also be reduced - from the original 2.8 mils to an effective 2.5 mils this year (2021)!  

 

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7571 North Elyria Road, West Salem, OH 44287 | Phone: (419) 846-3151 | Fax: (419) 846-3361
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7571 North Elyria Road, West Salem, OH 44287 | Phone: (419) 846-3151 | Fax: (419) 846-3361 logo