In an act to keep money local and reduced, the Charles City school board has accepted a loan from First Security Bank to use towards the Comet Field lighting project. The loan is $238,400 in total, and will incur 3.79% of interest.
The total savings on this loan is upwards of $4,000.
The loan has a maturity term of 56 months and the board will need to make annual payments of $52,661.22.
The board has already approved the completion of the Comet Field lighting project and construction will begin in spring of this year.
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