The Janesville School Board voted unanimously this week to pay down some debt that was created about five years ago.
Chief Financial Officer Dan McCrea says they’ll be defeasing the debt with a $4.9 million payment that will go towards roughly $10 million of debt created when the district purchased some bonds in 2019.
McCrea says by paying down the debt, the district will get rid of payments between 2026 and 2030 that would’ve added up to about $5.3 million, and they’ll save just over $793,000 in interest payments.
McCrea says the debt will come from fund 38, which is non-referendum approved debt.
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