School Bonds 101 What Are School Bonds?

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Presentation transcript:

School Bonds 101 What Are School Bonds? Debt issued by a school district to finance improvement to or the construction of school facilities that is supported by a voted levy.

What Are School Bonds? Must be affirmatively approved by the voters

School Bonds 101 What Are School Bonds? Can only be used for the purposes of constructing, renovating, remodeling, rehabilitating, adding to, furnishing, equipping and otherwise improving buildings and facilities, and preparing, equipping and otherwise improving real estate

School Bonds 101 What Are School Bonds? By law, it CANNOT be used for salaries and benefits By law, it must be accounted for in separate funds 002 repay bond debt (principal & interest) 004 construction and/or renovation costs

School Bonds 101 What is a Bond Levy? A property tax that is approved by a majority of voters to repay school issued debt for the construction and or renovation of school facilities

School Bonds 101 How is a Bond Levy Calculated? A District needs to know four items. 1. Total Value of All Property 2. Estimated Interest Rate 3. Maturity 4. Size of Bond Issue 3.99 Mills

School Bonds 101 How is a Bond Levy Calculated? 1. Total Value of All Property Otherwise know as Assessed Valuation (AV) This information is provided and certified by the Lake County Auditor (LCA) LCA certified an AV of $1,500,229,300

School Bonds 101 How is a Bond Levy Calculated? 2. Estimated Interest Rate Helped determined by outside counsel District worked with an investment bank, Piper Jaffray, and legal counsel at Squire Patton Boggs to determine the 4.50% rate

School Bonds 101 How is a Bond Levy Calculated? 3. Maturity Determined by law → §133.20 Information gathered from Architects who provide general scope of project to legal counsel to determine the maturity

School Bonds 101 How is a Bond Levy Calculated? 4. Size of Bond Issue Limited to 9% of AV or $135,000,000 District Committees gave input as to size and what could be addressed within 3.99 mills 3.99 mills yielded a $115.75M bond issue size

School Bonds 101 If Approved, What Will the Bonds Pay For? New North High School New South High School New Longfellow Elementary All 3 new buildings will be constructed on existing, respective sites

School Bonds 101 If Approved, What Will the Bonds Pay For? Renovations throughout remainder of District; roofs, windows, doors, HVAC Willoughby Middle Moves to Current South Old North, Old WMS & Old Longfellow razed

per month for every $100,000 of home value School Bonds 101 If Approved, How Much Will the Bond Levy Cost Me? $11.64 per month for every $100,000 of home value

School Bonds 101 How Did You Determine $11.64 per month? Home Value $100,000 Assessed Value $35,000 ( A x 35% ) Tax per Mill $35.00 ( B / 1,000 ) (continued on next slide)

School Bonds 101 How Did You Determine $11.64? Proposed Millage 3.99 Cost per Year $139.65 ( C x D ) Cost per Month $11.64 ( E ÷ 12 )

Median Home Values US Census Bureau http://quickfacts.census.gov/ School Bonds 101 Median Home Values US Census Bureau http://quickfacts.census.gov/

School Bonds 101 Median Home Values

Bill Parkinson, Treasurer School Bonds 101 Questions? Bill Parkinson, Treasurer phone 975-3760 email bill.parkinson@weschools.org web www.weschools.org/TreasurersPage.aspx