Nov 282011

By Naomi Hatch–

The Snowflake Unified School District Governing Board previously said they wanted to return $800,000 of bond proceeds to the taxpayers.

“At the end of all our bond projects we had $842,064 bond proceeds remaining in our account,” said Mark Ollerton, Business Manager at the Thursday, Nov. 17, SUSD Governing Board Meeting.

Ollerton explained that the district paid $655,000 of bond principal and by calling in that debt early were able to also save $400,725 in interest fees, which saved the taxpapers $1,055,725.12 in interest.

“This means it won’t be assessed to the property tax owners in the secondary tax rates in the coming years,” explained Ollerton. “The Board used money for what they said they would use the money for, and had funds left over,” stated Ollerton.