Financing It
The revised bond proposal of 2015 is for $56 million. This is a significant reduction from the $92 million bond proposal of 2014. This reduction in principal was made possible by eliminating the proposed construction of an elementary and middle school and focusing instead on building a high school without a football stadium or performing arts center.
The finance advisory committee recommended a term of 17.5 years to significantly reduce the interest cost of the bond and to minimize the increase to the levy rate. The net interest of the 2015 bond proposal is projected to be $9.5 million. This is almost $73 million less than the net interest would have been for the $92 million, 30-year bond proposal of 2014.
The anticipated monthly cost will be $4.92 per $100,000 of taxable value. The taxable value of a property is determined by its assessed value less any applicable exemptions. See the chart below for an example of how this may affect your taxes.
