BONDS AND LEVIES
QUESTION?
The Business Manager keeps mentioning "bonds" and "levy year 2007" during meetings and in newspaper articles, Why?
ANSWER:
"Bonds" is a financial term for a loan (long term borrowing much like a mortgage on a house).
2007 is the levy year when the district's bonds (debt) will be paid off, eliminating future property tax rates to generate the revenue for their payment.
Over the years the District sold Working Cash Fund Bonds and Life Safety Bonds to establish reserves and renovate our facilities. The 2007 tax levy payable in 2008 will provide the revenues needed to completely pay off the Bonds (debt). This will reduce the burden on the taxpayers by reducing the property tax rate. This amount could be eliminated or with the taxpayers approval reallocated to the district's Education fund.
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