Stimulus funds help Nebraska City schools pay off tax anticipation note
The school paid $500,000 in interest and fees after borrowing more than approved bonds to complete school construction
By News Channel NebraskaNEBRASKA CITY - Nebraska City School Superintendent Mark Fritch reported positive financial news this month with the pay off of a tax anticipation note dating back to 2011.
The school took out the note after borrowing $2.9 million to complete construction of the Northside Elementary School and addition to the high school.
Fritch said the tax anticipation note has been key to financial challenges that led the school to reduce staff by over 30 employees through attrition and modifying the timing of payroll cycles.
He said federal stimulus funds of $3.4 million have made the debt reduction possible. The school has spent $2.5 million from stimulus grants for HVAC, technology replacement, staffing and curriculum, which freed up operating budgets for debt reduction.
The school has paid $255,000 in interest and $235,000 in fees for the tax anticipation notes.
