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MIAMI R-I SCHOOL DISTRICT BOARD OF EDUCATION PLACES $826,000 GENERAL OBLIGATION BOND ISSUE ON AUGUST 7, 2018 BALLOT
At the April 16, 2018, regular meeting of the Miami R-I School District Board of Education, a unanimous vote occurred to place the $826,000 General Obligation Bond issue back on the August 7, 2018, ballot. “Since we only failed by eight votes at the April 3, 2018, election, we want to preserve our momentum and work a little harder to persuade additional voters to support it.” stated Board President John Nelson. If successful, the proceeds from the bond issue will fund the construction and equipping of an additional gymnasium to accommodate the scheduling of athletic practice sessions, physical education programs, among many other activities.
The ballot language is identical to that presented at the April 3, 2018, election with the estimated debt service levy amount remaining at 41 cents per one hundred dollars of assessed valuation. According to the District’s municipal underwriter, L.J. Hart & Company of St. Louis, Missouri, the 41 cent levy calculates to an annual expense of about $77.90 (i.e. $6.49 per month) for residential property with a fair market value of $100,000.
The Board of Education and administration plan to contribute $400,000 of District funds to minimize the tax increase to the patrons. Low interest rates and rising construction costs are two advantages to borrowing funds to complete the project now instead of waiting until the District has saved the full $1,200,000. Interest rates are historically low with the estimated average interest rate on these bonds projected at 3.50%.
Additionally, with construction costs rising, the price of the additional gymnasium is likely to increase each year that the project is delayed according to Superintendent Dr. Johnson.
