Some creative-financing discussions with a local bank may save Crete-Monee School District 201-U about $24,000, according to district officials. That news was part of a presentation to school board members this week related to borrowing $715,000 for interior and exterior lighting improvements and repaving.
School board members approved a special financing arrangement with First United Bank, which requires the district to pay 4.9 percent interest on the loan. That offer trailed Harris Bank’s offer, which would have offered a rate of 4.35 percent to 5.2 percent, depending on the number of payments by the district.
First United, however, offered to reduce the district’s interest rate on a technology loan to 4.9 percent from 5.9 percent.
More Top Picks Best Truck Bed Tool Boxes For Pickups