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interest literary loan to fund the renovation, Estabrook added.
When the state said in December that the literary loan moratorium would be lifted July 1, officials also announced that there would be variable interest rates, according to Estabrook. Rappahannock’s rate would probably be five percent, but could possibly be threepercent if the board acts quickly, Estabrook told members.
Applications filed by July 1 could be considered for the lower interest rates. Estabrook said. But he added that the General Assembly is pushing to roll that deadline back to April 1. If the move succeeds, Rappahannock won’t have time to apply for the lower interrat rate to finnace the high school renovation.
During the first year alone the lower rate would mean a substantial savings. The first year’s payment at five percent interest would be $83,600. At three percent it would be $66,880. The loan will be financed over 20 years, Estrabrook said.
85.2%