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Catholic board saves money
Renegotiated loan means high savings for Catholic board by Jennifer Pritchett
NNSL (Apr 18/97) - Yellowknife's Catholic school board has refinanced its loan for St. Patrick high school for a savings of $700,000. The proposal, approved at Wednesday's board meeting, will mean that its 18-year loan to pay off the million-dollar debenture to the GNWT for the high school will be reduced to 15 years. In addition, the board renegotiated the rate at which it is paying back the loan from 10.7 per cent to 6.95 per cent. And payments now will be made monthly, not annually. "It's these minor changes that make a significant difference," said Annalise Van Ham, who looks after the board's finances. "The biggest changes are the rate and the term reduction." Van Ham said the changes will save the board roughly $22,000 annually and $700,000 over the entire loan term. And the money saved can be put to use in other areas. "The annual saving alone can mean half a support position," she said. "And the last three years where payments would have been made will make a difference." While the proposal is passed at the board level, the change is still subject to the GNWT's approval. |