As a result of the successful election, we raised $33.765 million through selling bonds. We sold bonds through two American Recovery and Reinvestment Act (ARRA) programs:

  • $15 million of bonds were sold as Qualified School Construction Bonds (QSCBs).
  • These were sold as 17 year bonds to be paid off on 5/1/2027
  • $18.765 million of bonds were sold as Build America Bonds (BABs)
  • These were sold as 30 year bonds to be paid off by 5/1/2040.

Compared to traditional tax exempt bonds, selling the bonds through these two ARRA programs will result in lower millage rates between now and 2040. This is because the ARRA programs positioned us to receive federal funding to be used towards our interest expenditures. Taxpayers will save $10.3 million through ARRA.

We pay off the bonds through a debt retirement millage levied on all taxable properties in the district. Tax bills of the 2010 tax year will be the first impacted. We levied 7.0 mils for the 2010 tax year, compared to 4.4 mils in the prior year. An important factor in determining future millage requirements are changes in taxable values. Because we don’t yet know taxable values for the years 2011 through 2040, we can only provide estimates of what we will levy for future debt retirement millages.

The schedule that follows was created using conservative estimates for future taxable value growth. Actual mils levied are will depend on actual taxable value growth and may differ from these figures. (click to view)

(click to view larger)