A YES vote on April 8, 2014 will continue funding needed improvements without raising taxes. The extension of these types of bonds is commonly called "no tax increase" funding.
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YES!
FOR SILEX S C H O O L
Will this bond issue require an increase in the current 71 Cent per one hundred dollars of assessed valuation debt service fund levy?
No, the 71 Cent debt service fund levy is adequate to make all of the principal and interest payments on the proposed $1,500,000 of additional bonds, plus manage the existing bonded indebtedness of the District. To accommodate this structure the District will be extending the 71 Cent levy for eight to eleven years in order to provide flexibility to the Board of Education for long range planning.
What makes it possible to avoid an increase in the debt service levy for a bond issue this large?
Several factors are involved. The District has saved $571,991 within the last eleven years from three refundings and a prepayment of the earlier issued bonds. Interest rates are still very low as measured from a historical basis. Finally, the proposed bond structure is interest only for eight years, until the final principal payment occurs for the Series 2013 Refunding Bonds.
If the proposed bond issue fails, will the District reduce the 71 Cent debt service fund levy?
The present practice of the Board of Education is to continue the 71 Cent debt service fund levy and prepay the Series 2013 Bonds. We believe the improvements to be completed from the bond issue proceeds are priority needs of the District. No other funds are available to complete these projects. It is important to keep the current levy in place, and it is already much below those of the other school districts in Lincoln County and the area. (Elsberry R-II, $1.25; Lincoln County (Troy) R-III, $1.26; Winfield R-IV, $0.95; Pike County R-III, $1.0802).
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FAQ: Frequently Asked Questions
