By Megan Kelley
Review Writer
LAKE ORION — The Lake Orion Community Schools Board of Education approved the annual Loan/Repayment Activity Application for the School Loan Revolving Fund (SLRF) during their meeting on July 20.
“What that program does for us and other districts is, a lot districts don’t have the tax base to efficiently and effectively raise funding to build a new building, modern building,” said district Assistant Superintendent of Business and Finance John Fitzgerald. “This program helps a lot of districts stretch what they can do with their debt levy’s. For instance with us, our debt levy this year will raise just about $17.5 million and our debt service is about $19.5 million so this program will be forward funding almost $2 million.”
District documents show LOCS requesting just slightly more than $1.8 million from the SLRF for the 2022-23 fiscal year.
“That process is weaved into the debt structure that the debt is tied to and it’s paid off over the same time frame,” Fitzgerald said.
The application also shows the district still owes $849,210 as of June 30 of this year.
Combined with the new debt service, and including interest, the district will owe the SLRF $2,836,954 on June 30, 2023.