Voter's Information Guide

North Boone Consolidated Unit School District 200

Voter Information Guide: Board of Education’s Decision to Issue $4.5 million in New Bonds

Background:

At the November 24, 2014 meeting of the North Boone Unit School District 200 (NBCUSD 200) Board of Education (BOE), a resolution was passed by a vote of 5-2 to “Declare the intention to issue $4,500,000 Working Cash Bonds for the purpose of increasing the District’s Working Cash Fund.”  The BOE intends to use the majority of these funds to finance a new sports facility with the remainder funding unidentified repair projects.  The specific amounts that would be designated towards the expenses were not identified nor were specific repair projects.  It was estimated that the expected interest rate on this money would be 4% with a term of 20 years.   Based on standard amortization tables, total Bond and Interest (B & I) repayment totals would be approximately $6,500,000.

The BOE was able to pass this resolution and begin this process because of the recently enacted 1% Sales Tax Increase for Boone County Schools that has resulted in a new revenue stream of approximately $450,000 annually for NBCUSD 200.  Based on the discussion among the BOE during this meeting, there seemed to be a consensus to use approximately $100,000 of that revenue for property tax relief (abatement of taxes for annual payments on the Transportation/Administration Building) with the remaining amount to support the repayment of these new bonds totaling $4,500,000.

According to Illinois State Law, the BOE may proceed with this action unless 10% (498) of the voters within NBCUSD 200 sign a petition that this decision should go to all of the voters of NBCUSD 200 at the April 7, 2015 election.  These petitions must be filed within 30 days of the BOE publishing their intentions.  Since the notice was published on November 30, 2014, the petitions would need to be submitted by December 29, 2014.

Issue:

The District 200 voters that have provided this information see this issue as neither “for” or “against” the construction of a new stadium or unidentified building repairs.  The issue is one of tax payer rights – who should commit NBCUSD 200 to major capital projects – 5 members of the BOE or a majority of the nearly 5,000 registered voters of NBCUSD 200. At an estimated price tag of $6,500,000, this proposal would add $1,300 of debt to every voter in the taxing district.   This decision will affect property tax rates for the next 20 years and will minimize the flexibility future BOE’s will have.  We believe that all voters should have a voice to vote “yes” or “no” to major capital initiatives within NBCUSD 200.  We also believe that the expression of these rights should not divide the community, but strengthen it as decisions become “owned” by the voters because everyone was a part of the process.

Action:

If you agree that decisions of this magnitude should be decided by the all of the voters, then help us by either signing an existing petition or help us circulate them.


Reboot Illinois