Post date: Jan 22, 2012 3:08:31 AM
In Oklahoma school districts are funded by annual property tax millages, which would NOT increase with approval of this bond issue.
By state law the district can only receive 35 mills for its general fund and 5 mills for its building fund. Bartlesville patrons approved a $30.5 million bond issue in 2001 and a $30 million bond issue in 2007, so its additional "sinking fund" millage is about 27 mills. That extra millage is devoted to projects outlined in the bond issues.
The 2012 $12.7 million seven-year bond issue is designed so that the "sinking fund" millage is kept as steady as possible for awhile as the secondary grade configuration is studied. As old bonds from the 2001 and 2007 issues roll off they are replaced by new ones, keeping property taxes steady.
The reduced size of this bond issue will allow a future independent bond issue to go before voters to address the secondary schools, still without increasing the millage.
You can think of it as a property-tax version of the sales taxes Bartlesville residents regularly vote to renew every so often to fund economic development and perform citywide infrastructure projects.