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LTE – Jon Mrdutt – 4-1-2015

March 25, 2015

Dear Glenwood City Community Members,

I have been honored to serve and represent you on the Glenwood City School Board of Education for nearly 12 years.  I am a proud Glenwood City graduate who has been a lifelong resident of our community.  Given the safety, security and efficiency-based questions being asked within the upcoming referendum, I am asking for your support on behalf of our students.

With loan rates at or near historic record lows, the district and its taxpayers are poised to save significant dollars by completing the project and borrowing at this time.  The projected interest rate for the referendum is currently at 3.75% on a 20 year note.  If we were to wait on this project, and the interest rate went up to 4.5% for example, it would cost an additional $800,000 in interest payments alone over the term of the loan.  However, the school district’s financial advisors were able to secure a loan just last week at a rate of 2.75%.  Borrowing at this rate would save the local taxpayers over 1 million dollars in interest alone on this project!  Financially, this is the time to borrow the money.  This is the time to support our youth in the community as well.

I am asking for your continued support by voting YES to both questions on April 7th.

Jon Mrdutt