Three NWI School Districts Get State Interest Repayments on 2020 Loans | Local education
Three school districts in Northwest Indiana are recovering the interest they paid on loans taken last year to cover operating expenses, pending their regular distributions of tax revenue, amid the pandemic of COVID-19.
The Indiana Bond Bank, led by State Treasurer Kelly Mitchell, used its allocation of federal coronavirus relief funds to reimburse 29 school corporations for $ 348,175 in interest paid on anticipatory warrants. tax issued through the bond bank in 2020.
In northwest Indiana, the Gary Community School Corp. raised $ 30,940.09, Hobart School Town received $ 7,072.75 and River Forest Community School Corp. received $ 5,785.59, according to records.
“Through no fault of their own, these schools faced cash flow interruptions due to COVID-19. None had planned to borrow last year. So we felt compelled to pursue all options within them. name, ”said Mark Wuellner, director of Indiana Bond Bank. director.
“It took time and effort, but what an amazing feeling to call these 29 hard-working school treasurers and hear their surprise that over a year later we have a refund check for them. “
The Republican state treasurer, a graduate of the University of Valparaiso, said she knows how hard the bond bank staff have worked behind the scenes for months to make the interest repayment possible.