Elbert County School District Bond Question (November 2012)
If approved, this question authorizes Elbert County School District to issue up to $2.9 million in general obligation bonds with a repayment cost of up to $5 million in order to qualify the District for $17.3 million dollars in state funding to pay for construction of a new facility building. This debt would be paid through a tax increase of $250,000 per year.
|Question 3A-Elbert County School District Bond|
Election results from Elbert County Current Election Results Summary
Text of measure
Language on the ballot:
|“|| SHALL ELBERT SCHOOL DISTRICT NO. 200 DEBT BE INCREASED UP TO $2.9 MILLION, WITH A REPAYMENT COST OF UP TO $5 MILLION AND SHALL DISTRICT TAXES BE INCREASED BY UP TO $250,000 ANNUALLY, BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS TO PROVIDE LOCAL MATCHING MONEY REQUIRED FOR THE DISTRICT TO RECEIVE $17.3 MILLION IN STATE FINANCIAL ASSISTANCE UNDER THE “BEST” PROGRAM TO FINANCE THE COSTS OF:
• CONSTRUCTING A NEW PRE-KINDERGARTEN THROUGH TWELFTH GRADE EDUCATIONAL FACILITY ON THE EXISTING SCHOOL CAMPUS IN ORDER TO MEET CURRENT HEALTH, SAFETY AND ENERGY USE STANDARDS;
WHICH STATE FINANCIAL ASSISTANCE WOULD NOT BE REQUIRED TO BE REPAID AND WILL BE DISTRIBUTED TO OTHER SCHOOL DISTRICTS IF THIS BALLOT ISSUE IS NOT PASSED;
AND WHICH GENERAL OBLIGATION BONDS, TOGETHER WITH $500,000 PROVIDED FROM DISTRICT BUILDING FUNDS TO REDUCE THE BOND AMOUNT OTHERWISE REQUIRED, SHALL BEAR INTEREST, MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, AND BE ISSUED AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER AND CONTAINING SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE BOARD OF EDUCATION MAY DETERMINE; AND SHALL AD VALOREM PROPERTY TAXES BE LEVIED WITHOUT LIMIT AS TO THE MILL RATE TO PRODUCE AN AMOUNT SUFFICIENT IN EACH YEAR TO PAY THE PRINCIPAL OF, PREMIUM IF ANY, AND INTEREST ON SUCH DEBT AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF?