What's on the Ballot?
A vote to refund, or refinance, existing bonded debt, and to issue new bonds for construction projects, all without raising the current millage rate paid by Pulaski County taxpayers. The three existing bonds will be paid off, and the remaining revenue from the newly approved, or proposed, bond issuance will be used to fund various building projects. The due dates on the total debt will be extended to a maturity date of 2048.
Who does it impact?
Students, staff and families will see improvements made during a 6-year Master Plan around the district, including:
How long will it last?
Whereas the existing bonds mature between 2032 and 2035, the proposed bond will have a maturity date of 2048.
How will the money be used?
The proposed bond issuance is $130,425,000, maturing over a period of 26 years. The total outstanding debt to be refunded is $46.5 million. The total amount of revenue dedicated to the building/improvement fund is $80 million. The remaining funds will be used to pay for cost of issuance and escrow contingency.