We hear today from Vandalia Superintendent of Schools Dr. Jennifer Garrison about some recently approved projects in the district and where the funding for this is coming from.
Dr. Garrison talks about the start of the project, when they identified what needed attention at this time.
So, 5 million dollars was borrowed from the bond at an interest rate of 3.63%. Dr. Garrison says borrowing this money does not raise the school district’s tax rate. In fact, she says their tax rate has gone down steadily over the past several years.
And, she talks about how they have been able to bring down the tax rate over that time.
If the borrowing would not have taken place, it would not have lowered tax rates. What borrowing the money does is extend the bonds out for an extra 2 to 3 years, so those payments will continue longer as the result of the borrowing for these projects. Meanwhile, as Dr. Garrison stated some other projects were approved last week and we’ll talk about those coming up tomorrow.
Meanwhile, Dr. Garrison and the Vandalia School District will be hosting some roundtable meetings to better explain this matter to the public. The first roundtable meeting will be on Friday at 9 am and then on Thursday, March 20th at 5 pm—both at the District Office.
Comments