The tax exempt bank qualified loan was issued to the school by SB&T Bank. The authority's action allows bonds to be created and held by SB&T.
The authority backed a loan for the same amount ten years ago. $3.5 million dollars of the money will go toward paying off that bond. The rest will pay for renovations and repairs.
County leaders say the bond doesn't put county tax dollars at risk and Deerfield pays directly to SB&T.
"We hit every due date on time for the past 10 years with our bond payments, principal interest, and bond fees. We will certainly pay our dues on this. We are looking forward to facility upgrades," said Deerfield Headmaster Dave Davies.
Deerfield officials say the facilities upgrades will begin at the end of this school year.
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