Faribault School Board Votes Unanimously for Bond Request
The Faribault Public School Board voted unanimously Monday night to have a vote this November on a $86.1 million bond issue.
KDHL spoke with board member Chad Wolff about the vote and he said the board was, "very excited about the proposal" they are bringing to the community.
Wolff said there's no question the request is a large sum of money, but every school building in the district would receive needed upgrades under the proposal. The proposed bond issue would also cover the cost of a new event center or fieldhouse for the community and a new child education center.
The vote will take place November 7, and two questions will be on the ballot.
Here is the exact wording for the two questions included in the board's agenda packet Monday night.
Question 1: Revoking Existing Referendum Revenue Authorization: Approving New Authorization
The board of Independent School District No. 656 (Faribault Public Schools) has proposed to revoke the school district's existing referendum authorization of $804.87 per pupil and to replace that authorization with a new authorization of $1,040 per pupil. The proposed new referendum revenue authorization would increase each year by the rate of inflation and be applicable for ten years, commencing with taxes payable in 2018, unless otherwise revoked or reduced as provided by law.
By Voting "Yes" On This Ballot Question, You Are Voting For A Property Tax Increase.
School District Question 2: Approval of School District Bond Issue
If School District Question 1 is approved, shall the board of Independent School District No. 656 (Faribault Public Schools) also be authorized to issue its general obligation school building bonds in an amount not to exceed $86,160,000 to provide funds for the acquisition and betterment of school sites and facilities, including the construction of secure entrances, safety and security improvements and office additions and renovations at various school facilities; the completion of code, life safety, traffic flow and accessibility improvements at various school sites and facilities; and the construction of additions to and the renovation, repair, remodeling, upgrading, equipping and construction of improvements to various school sites and facilities?
By Voting "Yes" On This Ballot Question You Are Voting For A Property Tax Increase.
Faribault Public School Superintendent Todd Sesker is scheduled to give us more details on Thursday's KDHL AM Minnesota program.
The school board's agenda packet also included two tax impact estimates, depending on a 20-year and 25-year payoff of the bonds.
A residential homestead property valued at $150,000 would see an average estimated net increase of $242 dollars the first year in the 20-year repayment, with the total loan payback being $169,928,481.
The same home would see an average estimated net increase of $209 dollars the first year in the 25-year repayment scenario with the total loan payback of $185,479,927.