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At issue will be a spiraling tax rate and a declining student enrollment in the public schools, the School Board members agreed.
Impact on taxes
Amortization of the Literary Loan can be divided into two parts: principal payment and interest. According to the superintendent’s figures, principal payments will remain stable at $71,552 for the 20 year repayment period. Interest payments, charged at five percent on the balance, will begin at $71,552 the first year and decline steadily every year thereafter, reaching a
91.4%