How will the Revenue from the bonds be used?

• Renovations for an Early Childhood Center

  • Move current preschool programs out of RV & MG to 1047 S. Maguire St.

  • Provide at least three(3) additional classrooms to expand full-day preschool for up to 60 more students

• Replacement and repair of roofs at multiple buildings in the district

• Replacement of aged and/or failing HVAC equipment at multiple buildings in the district

How much money will the issuance of bonds bring in?

The district currently has an allowable debt capacity of $23.7 million. The current Debt Service Levy of $0.82 per $100 of assessed valuation allows the district to issue Bonds totaling $16.5 million of its remaining capacity without increasing the Debt Service Levy.

What is a same-rate Debt Service tax levy?

A same-rate tax levy is a proposal to maintain the current Debt Service tax rate, meaning it does not increase or decrease. Maintaining the current Debt Service tax levy allows the district to issue the additional $16.5 million in bonds without changing the Debt Service Levy.

How is the Debt Service tax rate calculated?

The tax rate is calculated annually by dividing the revenue needed to pay for the debt service requirements of bonds previously issued by the total assessed property value in the taxing district.

How will this affect my property tax bill?

If your property value stays the same, your tax bill should remain the same. If your property value increases or decreases, your tax bill will adjust accordingly.

What is the difference between Debt Service Levy and Operating Levy?

The Operating Levy and Debt Service Levy are both calculated annually once the assessed values are released from the County Clerks Office. The Operating Levy is calculated based upon the voter approved rate ($4.5970) and adjusted accordingly to meet the requirements of the Hancock Amendment. The Operating Levy provides funds to maintain operations in the district and is separate from the Debt Service levy. The Debt Service Levy is calculated and adjusted each year to ensure that the district is able to meet the debt service requirements and provides funds to pay for the interest and principal payments of bonds issued.

What is the Current Tax Rate?

The district's current tax rate was set in August of 2024. The current Operating tax rate is $4.4510 per $100 of assessed valuation and the current Debt Service tax rate is $0.82 per $100 of assessed valuation.

Why not fix up Reese School?

The Reese School is only 19,900 Sq. Ft., with 10 classrooms. This would not provide space for expansion of the preschool program, only a change of buildings. Reese would also require a complete interior renovation, due to the age of the building and requirements necessary for modern HVAC systems and electronic needs in classrooms. The new building in comparison is over 30,000 sq.ft. and provides for an additional three classrooms. The district is also able to consolidate the maintenance department to a location more accessible as well as provide space for the storage and maintenance of buses.

Why not use this money for paying teachers and staff more?

The funds through a debt service levy cannot be used for salaries. By law, the funds must be used to pay the principal and interest of bonded indebtedness. An increase to the operating levy could be used to increase salaries which would mean a tax rate increase for the community and would not solve the capacity needs of the elementary buildings and would not expand the early childhood program. This project for the early childhood center does not increase the tax rate of our patrons.

If the bond issue does not pass what will happen? Will our tax rate go down?

If the ballot measure is not successful, the district will calculate the Debt Service Levy based on the prior approved debts the district will still be paying off. The recalculation would more than likely be less than the current rate of $0.82. The actual reduction to the Levy is dependent on the Assessed Valuation set by the county in July 2025 as well as the payments required, so it is difficult to establish the exact amount until July or August 2025. Previously, the district was looking at potential options for realignment of boundaries before the grocery store became available. The realignment would have occurred to adjust for the population shifts within the district due to new construction of homes and multi-family housing in the school district. The realignment would have also required the district to consider using mobile classrooms (trailers) as needed until around 2030-2032 when there is enough bonding capacity available to potentially add a 5th elementary building if warranted by our student population.