(KNZA)--The Hiawatha School Board has decided to go with a proposed 15-year $9.2 million general obligation bond issue to finance improvements to the district three schools, which voters will determine the fate of during the April 7th general election.
The board last week decided on the dollar amount and during a special meeting Wednesday evening decided on the bond term.
Dustin Avey with Piper Jaffray reviewed an analysis of the mill levy impact of a 15 and 20 year bond issue with and without a restructuring of the existing bonds issued in 2005 for construction of the middle school along with the overall cost to the district.
Following discussion, the board voted 6-1 to go with a 15-year bond term without restructuring the existing bonds, which will save the district nearly $2.3 million. Board member Steve Lock cast the lone dissenting vote, voicing support for a 20-year term which would require a lower mill levy.
If the bond issue is approved by voters, the projected mill levy would increase 9 mills during the first three years and then drop to 7.3 mills after the existing bonds are paid off in 2018. That’s only about a half mill higher than the current bond and interest mill levy. The total estimated cost of the bond issue would be about $12 million.
© Many Signals Communications
MOST VIEWED STORIES
Effingham woman killed Friday in Atchison wreck
One hospitalized, one jailed, after Atchison attack
Three former Atchison Co employees arrested on felonies
Atchison man involved in fatal NW MO crash
Rural Horton man arrested on multiple drug charges
Street lights to be discussed at Monday city meeting
Services set for Effingham woman killed in crash
Meteorologist Spencer: Geometric Watch means electronic disruptions
Two file to challenge local legislator
USD 430 Board accepts resignations, approves new hires
U.S. 36 work in Doniphan Co to impact motorists
Barricaded fugitive arrested in Jackson County
Fatal Atchison apt fire investigation continues
Truck fire at CGB facility in Falls City
Results from SE Nebraska contested Primary Elections
Flags to fly half staff Wednesday across KS
BC's Pate remembered by students, college family
LATEST STORIES
Candidate files for Nemaha Co Treasurer
Three former Atchison Co employees arrested on felonies
Barricaded fugitive arrested in Jackson County
Wed signing means full funding for KS education
MHMA Mock Trial Team sees natl success
Fatal Atchison apt fire investigation continues
Date set for signals switch at Hiawatha intersection
Results from SE Nebraska contested Primary Elections