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New Elementary School Bond Proposal FAQ's

Posted Date: 05/25/2022

New Elementary School Bond Proposal FAQ's

We have tried to address the “Most Frequently Asked Questions” regarding the proposed Bond and the New Elementary School project. Please send additional questions to [email protected]

FAQ’s Proposed CHS Bond to Build a New Elementary School


Question: What is the term of the bond?

Answer:  26 years, last series bond will be sold the previous year.

 Assuming an annual rate of growth in the Districts Net Assessed Valuation of 3.00% for 4 years, followed by an annual rate of growth of 1.15% in perpetuity {the District’s average rate of growth over the last five (5) Fiscal Years (2017-18 through 2021-22, inclusive)}; rates indicative of February 17, 2022; a voted amount of $14,550,000 in General Obligation Bonds (these bonds would be the revenue stream for a 25-year Lease Revenue Bond financing; as currently structured, the General Obligation Bonds would be on your tax rolls for 26-years). The aforementioned General Obligation Bonds, when combined with semi-annual Rental Payments of $1,500 {meaning a total of $3,000 a year for 25 years ($75,000 total) out of the District’s annual operating funds}, is projected to yield $9,236,960 in “project dollars*”.


Question: Will passage of the bond “Max out” the district’s bonding capacity?


Answer: No. The current millage rate is 35. The district has the capacity to go to 50 mills. In an emergency the district could vote a bond to access the other 15 mills.


Question: How is the bond paid for with “no projected tax increase”?


Answer: The current Ad Valorem tax rate is 35 mills. The current Ad Valorem taxes are paying the bonds for the new gym. As the bonds for the new gym are retired, the bonds for the New Elementary School will be payed for with the same Ad Valorem taxes and tax rate.


Question: Is there a projected timeline start to finish? (New Elementary School)


Answer: If the bond is approved in August, construction plans would be completed by October, bidding would occur in November and construction could begin by January of 2023 for completion and occupation by Spring of 2024. This is a projected timeline, obviously any number of factors could impact this timeline.


Question: Are there any plans to alleviate parking and traffic flow during drop-off and pick-up times?

Answer: Yes, the elementary school building plan will improve traffic flow (larger drop-off and pick-up area) and should reduce congestion.

Question: Where's the band going to be?

Answer: The band hall will stay in its current location and be integrated into the new building. Elementary students currently use the band hall for 4 periods a day.

Question: For question #2, What constitutes an emergency?

Answer: I think the word “emergency” was used in one of the questions about “Max” Bonding capacity. Ultimately, the Board would have the final authority to “Call” and voters to “approve or disapprove” an emergency bond issue the same as any bond.