Fulton Sun

NEW BLOOMFIELD — The Board of Aldermen Thursday night approved a reduction of 8.7 cents per $100 assessed valuation in the New Bloomfield city property tax bond payment fund.

The board acted after no one appeared for a public hearing on setting the annual property tax rate.

The tax cut was the same amount recommended by the state auditor’s office in anticipation of the city paying off in 2012 a $260,938 street improvement bond.

City Clerk Tracina Shaw said this year’s payment on the bond was $20,398. The $190,000 street improvement bond scheduled to be paid off next year was issued in 2000. Payments during the 12-year life of the bond will total $260,938. This amount includes about $61,000 in total interest to be paid during the 12-year period.