Currently, the District’s only outstanding debt is attributed to the February 2007 bond authorization, in the voter-approved amount of $56,600,000.  The remaining amount of this debt, as of December 1, 2019, is $34,910,000, which will be fully retired by December 2029.

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For tax year 2019, District residents paid a bond tax rate of $1.03 / $1,000 of assessed value toward the repayment of this debt.  It is anticipated the bond tax rate will drop to approximately $0.97 / $1,000 for the 2020 tax year.

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The District is proposing a new $125 million bond authorization.  Given current assumptions (i.e. preliminary construction schedule for the proposed projects and estimated costs of borrowing), it is projected that the 2021 collection year tax rate for bonds will increase by no more than $1.09 / $1,000 of assessed value over the anticipated 2020 collection year bond tax rate.  This equates to a total projected bond tax rate of $2.06 / $1,000 of assessed value for the life of the new bonds.

 

The Board and District administration have allowed for a maximum repayment term of twenty-two (22) years in an effort to provide flexibility as to the structure of the new debt.  Should the construction schedule and bond market conditions allow the District to achieve better than projected results, the District plans to shorten the borrowing repayment term to a period of less than 22 years, reducing the debt service to be levied on district taxpayers.

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While the District cannot predict every possible situation that could impact the bonds prior to their issuance and over their lifespan, the Board and Administration believe the assumptions utilized for planning are conservative.