Moorhead Taxpayers Keeping More Money in their Pockets

Last November’s $78 million school bond approved by Moorhead voters is looking good for taxpayers.

Moorhead taxpayer’s projected expense from the bond has almost been cut in half.

District officials say the lower interest rate wasn’t about luck, but timing.

The bonds that will pay for Moorhead’s new K–4 elementary school, 5–6 addition, and renovation projects will be coming at a lower expense to taxpayers.

“An interest rate of 2.78 is even less than 3.6 percent that we were estimating it to be back in December when we had to certify our levy,” said Moorhead Assistant Superintendent Brandon Lunak.  

Taxpayers will be paying out the previously estimated 3.6 percent interest rate for 2016, but they will save money in 2017.

A household valued at $150,000 will pay $79 each year, down from $26.

Assistant Superintendent Lunak says it wasn’t quite luck that brought down the interest rate, but the fact that the market was right for bond sales.

“We could say yes we got lucky with the market conditions like they are. This is generally what happens when the stock market does get a little volatile,” said Lunak.

Moorhead homeowner Pam Ulness says every dollar adds up, and the lower rate will make all the difference.

“It’s a great you know to help families; cost is so high for everything so it will be good to have that help us,” said Pam.

She says the extra dollars will be going right back to her grand kids.

“Definitely have those extra dollars to treat my kids to a snack after school. They always ask grandma, ‘do you have snacks for me in the car?’, and I usually do,” said Pam.

The district will break ground on the new K–4 building this year.

It will open in 2017.