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Dr. Ronald P. Rogers CHIROPRACTOR Support for your body's natural healing capabilities 270-384-5554 Click here for details 
  
Columbia Gas Dept. GAS LEAK or GAS SMELL Contact Numbers 24 hrs/ 365 days 270-384-2006 or 9-1-1 Call before you dig 
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Financing of School Construction: The bonding procedure The simple arithmetic: Why the tax is such a bargain for Adair County taxpayers interested in a brighter future for our kids Second in series: Click on Better schools for Adair County students for first in series By Darrell Treece, Superintendent, Adair County Schools School districts in the state of Kentucky are prohibited from borrowing money. The process that must be used is bonding, which overall does work the same way as going to a bank and borrowing. The state must authorize a district to sell bonds and will only do so if there is a restricted account at the district that will have the yearly funds to make the bond payments. The bonds can be bought by investors and the district uses the funds from the bond sales to pay for construction. The district must then pay the principal plus interest to the holders of the bonds over a period of up twenty (20) years. Interest rates on bonds are are currently around 3.8 %. Bonding ratio is $13.30 for every every $1 which can be obligated For every dollar that can be obligated for bonding, $13.30 of bonds can be sold for construction. The district currently has the bonding potential to sell $6.5M in bonds. With the passage of the nickel tax, another $349,000 would be available for bonding. At $13.30 per dollar, the bonding potential would be $4,641,700 giving a total available of $11,141,700. This would construct a new school! State legislature has more than matched local effort Also, the state legislature has always in the past given state money that more than matches the local effort. Currently, for every dollar raised locally, we would get $1.36 in state funds. $349,000 in local money, we would qualify us for $475,000 in state funds which would bond $6,317,500 for other needed projects. Without the local effort, we do not qualify for additional state funds. Opportunity to qualify for "interest-free" Federal stimulus dollars There is also an opportunity to qualify for "interest-free" federal stimulus dollars. The application process for the Qualified School Construction Bonds opens January 1, 2010 and will close in early spring. Upon approval, we would sell 15-year bonds instead of 20-year bonds and the Federal government will pay the interest each year. Being able to pay more principal will save $3.3 Million on $10 Million in Bonds! Being able to pay more principal each year and NO INTEREST means bonds can be paid off in 15 years "SAME AS CASH" saving $3,300,000 in interest charges that the district does not have to pay!! That is 3.3 MILLION DOLLARS saved on $10M in bonds!!! It does need to be emphasized again that the funds from the nickel tax can ONLY be used for construction and maintenance of facilities. None of it can be used for salaries, books, supplies, busses or any other expenditures. Please feel free to direct any questions to the Board members or superintendent. -Darrell Treece, Superintendent This story was posted on 2009-11-28 03:59:38
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Have comments or corrections for this story? Use our contact form and let us know. More articles from topic Education:
SCC and KCTCS launch new brand: Workforce Solutions Adair has 2 more Nationally Board Certified teachers School tax question a simple one on December 15, 2009 CWC: Age of old building makes maintenance too expensive Adair Co Middle School SBDM Council meets Nov. 19, 2009 Pastries for parents is Nov. 19, 2009, at AC Middle School CWC: Children deserve the best education that is available CWC Family Math Night and Book Swap is Nov. 12, 2009 H1N1 flu clinic for ACES, CWC, and JAIS students John Adair Fall Festival is Friday, November 13, 2009 View even more articles in topic Education |
 
115 Jamestown St. Columbia, KY. 270-384-2496 
  
   
 Provided by the Adair Co Fiscal Court and the Adair Co. Emergency Mgt. Agency 
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