Financial transparency is an important part of the school bond process, and we commit to sharing all relevant details with the community as quickly as possible. To request more information or submit questions on budget, project scope, and facility plans, please attend the scheduled community meetings or fill out our contact form!
What Market FActors are being considered?
Interest rates remain historically low, which would lead to substantial cost savings for these necessary improvements in the long run. Additionally, construction costs are projected to rise an average of 5% to 7% annually, so this bond is optimally timed in regard to market conditions.
What is a lease-purchase?
The proposed bond is a combination of Lease-Purchase and A Lease-Purchase financing is an agreement between the School District and a lending institution (often times a local bank). The bank loans money to the School for additions or improvements to existing educational facilities. The financing cannot exceed 7 years from the closing date, and annual debt obligations must be paid for from the District’s Special Building Fund. The District’s Special Building Fund is capped at 14 cents (this Lease Purchase is expected to require 10.9 cents). The Bank technically owns the improvements until the final payment is made in year 7, at which point title is transferred to the School District. This type of financing can be approved by a majority vote of the School Board.
What will the project cost the school district?
The Laurel-Concord-Coleridge Public School District bond is set at $25,355,000, which will provide funds to repair, renovate, and renew important elements of our school buildings. Below are cost break-downs for the district.
What is the levy breakdown if the bond issue fails?
If the Bond Issue fails, the Special Building Fund will be increased to 14 cents.
What will the project cost me?
The Laurel-Concord-Coleridge Public School District bond is set at $25,355,000, which will provide funds to repair, renovate, and renew important elements of our school buildings. Below are cost break-downs for the public.