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June 21, 2012 Construction Project Update:
Bonds
for the project have been sold and the process was finalized at the June 20
Board of Education meeting. Bonds for the project will have an interest rate of
3.3517%. Here’s how it compares with the estimates given to the public prior to
the March 20th referendum:
The interest rate on the
bonds will be over 1% less than projected, and expected to save taxpayers
about $1,057,000 in interest payments over the life of the bond issue from
what was previously thought.
The bond and interest tax
rate from 2012-2034 is estimated to range from 43-44 cents per $100
Equalized Assessed Valuation of Property. This is 5 cents less than
projected. On a home valued at about $100,000 this represents a savings of
about $15 a year over the previous estimates.
The
remaining construction bids were approved at the Board meeting as well. The
total cost for the project has come in at $216,000 under estimates. The cost
figures continue to include a 10% contingency fund of about $600,000.
Construction
is slated to begin on July 9. Contracts are currently being finalized and
background checks completed on workers. We should still be on schedule to
occupy the new addition in August 2013.
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Construction Project 
