Bond Article in Daily Herald
- on 10.18.05
- CCSD #46
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There is an article in todays Daily Herald concerning the Bond Decision from last night BOE meeting.
UPDATE: I have received several questions about this issue today. The tax increase was expected. This is the .59 increase that was approved last November for the building of Madrona. We were not taxed on it this tax year because the bonds had not been issued. The bonds are now being issued and that is where the increase is coming from next year.
The additional $8.1 is from the 1999 referendum with the stated purpose of use on Prarieview and Frederiack or the purchase of additional land. The law was changed in 2000 that would prevent any bonds from being issues past 5 years. This referendum is grandfathered in because it was passed prior to this law taking affect. The board has stated in several meetings this money will not be used for any other purpose than what is was originally intended. Legally, they could use it anywhere at a later date if it cannot be used for Frederick, Prarieview or buying land. They specifically stated again last night they were not going to do that and also will revisit this in 3 to 6 months. At that time they will have enrollment projections for 2006 and can make an informed decision about the need for additional space for the early childhood program. They could not add onto Meadowview this year because the money was not available. These bonds had to be issued before the Madrona bonds or they could never issue them. This will not raise the .10 tax rate on the original bonds issued from that time. If they are not abated later and are used it will extend the time to pay the money back.
To me, this was the logical step to take at this time. There is the possibility of buying land adjacent to Frederick in the near future. Currently Frederick cannot be added onto. This is a prudent move that will most likely save the tax payers money in the long run from my vantage point at this time.
Please read the BOE meeting notes (10/4/2005, 9/19/2005) to get a better understanding of this issue. It has been discussed for the past 4 meetings that I am aware of. I’ll try to have last nights notes up later tonight, but I cannot guarantee it.
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Grayslake board OKs $11 million loan plan By Mike Riopell On Monday, the Grayslake Elementary District 46 board chose to borrow $11 million to fund space for the increasing number of early childhood students in the district. Officials say the move will likely cost the owner of a $200,000 home an extra $73 on their tax bills. The district has the authority to borrow the money, thanks to leftovers from 1999 and 2004 referendum approvals. State law let the board borrow more than $8 million initially approved in 1999 for Prairieview and Frederick schools. Now, the board can use that money, but only to add on to those buildings or buy new land. They also will borrow about $3 million more than what the new school in Madrona Village subdivision in Round Lake Beach will cost. It’s slated to open in the fall 2007 and will about 1,400 students. Officials say the extra money can fund expansions to help head off future growth. The board was advised that if they thought they were going to need the money at any point in the future, to take it now to take advantage of favorable interest rates. And though the move likely will raise homeowners’ tax bills, the rate will not exceed the 59-cent rate officials promised to stick to when garnering support for a 2004 referendum. Board members discussed the plan at length two weeks ago and approved it Monday with little talk. Earlier this year, voters rejected the Grayslake district’s plea for more operating money. Not only that, none of the board candidates who supported the increase were elected to the board. Soon, that same group will have to decide if they want to ask for a referendum again, which would be slated for March 2006. Board President Cheryl Davis said nothing’s been decided, but the discussion is likely to happen. |
