Frequently Asked Questions
Is there an increase in the debt millage rate in this bond proposal?
Yes, the debt service millage rate is estimated to increase by 1.76 mills (4.48 - 2.72). For a $100,000 market value home, this equates to an increase of $88.00 per year or $7.33 per month.
How does the estimated debt millage rate of 4.48 mills for this bond proposal compare to the 1998 bond issue's 2016 historical debt millage rate?
The 1998 bond issue's debt millage rate in 2016 was 5.56 mills or 1.08 higher (5.56 - 4.48) than the estimated millage debt millage rate for this proposal. Therefore, with the approval of this bond proposal, the debt millage rate is estimated to be lower than what it was just 2 to 3 years ago. Included in this packet is a historical millage chart back to 2014.
In the ballot language, the first paragraph states a not to exceed figure of 158,000,000 of general obligation unlimited tax bonds, what does this mean?
With the approval of this bond proposal, the maximum amount of bonds to be issue can be no greater than $158,000,000.
In the ballot language, the third paragraph from the bottom states that the maximum number of years any series of bonds may be outstanding, exclusive of refunding, is not more than 25 years, what does this mean?
Each bond series in the proposal must have a length of 25 years or shorter.
In the ballot language, the third paragraph from the bottom states that the estimated millage that will be levied to pay the proposed bonds in the first year is 4.48 mills, what does this mean?
This means that the total estimated debt millage rate to be levied in the first year (2019) for this proposal is 4.48 mills.
In the ballot language, the third paragraph from the bottom states that estimated simple average annual millage that will be required to retire each bond series is 4.38 mills annually, what does this mean?
This means that over the entire life of the bond proposal (all bond series) that the simple average annual debt millage rate is 4.38 mills.
Is the school district going to immediately issue $158,000,000 of bonds?
No. The bonds are proposed to be issued in 3 series (2019, 2022, 2023). This allows for years of bond repayments to occur before a new bond issue is completed. The maximum estimated outstanding bond balance for this proposal is $135,280,000.
Are technology purchases going to amortized over a 25 year period? Is there a technology replacement plan?
No. Technology purchases are required to be amortized over a 5 year period beginning at the point of installation. Yes, each bond series has an allowance for future technology purchases and updates.