Marysville Sinking Fund
What is a sinking fund?
A sinking fund is a means of repaying funds levied through a bond issue through periodic payments to someone who purchases the bonds in the open market.
A Sinking Fund millage is levied, not borrowed, which means the District does NOT take on additional debt or interest expense. The Sinking Fund seeks 0.5 mills. A mill represents $1 for every $1,000 of taxable value of your property, which is approximately 50% of the true cash value of your property.
Sinking Funds can only be used for remodeling and repair or replacement of buildings and sites. It’s state law, and the state strictly monitors how Sinking Fund money is used. This means that the district won’t have to tap into its general fund as much for repairs. Which means more money is available to benefit students and classrooms.
The District was able to refinance its bond fund debt, saving District taxpayers nearly $19 million in projected interest payments. The current tax rate is 8.40 mills. Based on 2016 figures, refinancing will drop that tax to 7.68 mills in December. Adding a 0.50 mill Sinking Fund would make the new tax rate 8.18 mills.
If you have questions, please call the Board of Education/District Administration Office at 364-7731 or email Dr. Shawn K. Wightman, Superintendent of Schools, at [email protected]
A sinking fund is a means of repaying funds levied through a bond issue through periodic payments to someone who purchases the bonds in the open market.
A Sinking Fund millage is levied, not borrowed, which means the District does NOT take on additional debt or interest expense. The Sinking Fund seeks 0.5 mills. A mill represents $1 for every $1,000 of taxable value of your property, which is approximately 50% of the true cash value of your property.
Sinking Funds can only be used for remodeling and repair or replacement of buildings and sites. It’s state law, and the state strictly monitors how Sinking Fund money is used. This means that the district won’t have to tap into its general fund as much for repairs. Which means more money is available to benefit students and classrooms.
The District was able to refinance its bond fund debt, saving District taxpayers nearly $19 million in projected interest payments. The current tax rate is 8.40 mills. Based on 2016 figures, refinancing will drop that tax to 7.68 mills in December. Adding a 0.50 mill Sinking Fund would make the new tax rate 8.18 mills.
If you have questions, please call the Board of Education/District Administration Office at 364-7731 or email Dr. Shawn K. Wightman, Superintendent of Schools, at [email protected]