Bond Proposal -
NO Tax Increase Bond
Restructuring Bonds - Provides $400,000 for the following:
Bond Issue Questions
Q: What is the ballot language used for the bond issue?
A: Shall Hurley R-I School District of Stone County, Missouri issue its general obligation bonds in the amount of $400,000 for the purpose of constructing, improving, repairing, renovating, furnishing and equipping school facilities, including safety, security and technology improvements throughout the District and repairing and replacing roofs and HVAC units at District facilities?
If this question is approved, the District’s debt service property tax levy is estimated to remain unchanged at $0.6666 per one hundred dollars of assessed valuation of real and personal property.
Q: What is a bond issue?
A: A bond issue is a way to borrow money to fund "bricks and mortar" capital needs projects, such as schools and classrooms, as well as technology. This requires voter approval. Capital projects may also include safety and technology equipment, as well as major building repairs (heating/cooling, roofs, parking lots and playgrounds).
Q: Where does the money come from to pay for them?
A: When the voters pass/approve the bond issue, general obligation bonds are sold to investors who bid the lowest interest costs. The proceeds from the sale are used to finance the projects. The district will use the current 67 cent levy to make annual payments for the current debt, as well as the bonds from the current issue.
Q: Will my tax rate increase, if approved by voters?
A: No, PROPOSITION 1: TIGER UPGRADES will not alter the current tax rate. Hurley has been aggressive in paying off its debt which will remain well under the statutory limit. We will continue to structure our bond indebtedness in a responsible manner which allows us to drastically reduce our debt while maintaining a plan to ultimately move to a dedicated levy in the coming years.
If this proposition is approved, the current adjusted debt service levy of the district will remain unchanged at sixty-eight cents ($0.67) per one hundred dollars assessed valuation of real and personal property.
Q: Will my tax rate decrease, if not approved by voters?
A: No, your taxes will not decrease if Proposition 1: Tiger Upgrades is not approved by voters.
Q: Why will there not be an impact to the current tax rate?
A: The district is authorized to assess a tax rate sufficient to pay the principal on maturing bonds and related interest cost. The district currently assesses a rate of 67 cents.
Each year the district pays off a portion of the debt and, in most years, assessed valuation increases the amount of taxes generated by the 67 cents. This allows the district to incur additional debt without increasing the tax rate.
Q: Could you clarify the "no-tax increase" language in the ballot language and the impact on property taxes should the bond be approved and the impact on property taxes should the bond fail?
A: If the bond passes, the district will be able to complete the projects listed (total value: $400,000) without having to increase the district property tax levy. Should the bond fail, these projects will not be completed and the district levy will not be affected. Regardless of this bond issue, if by some rare and unanticipated occurrence the County significantly decreases the assessed valuation of properties within the school district, the district might be required to increase its debt service property tax levy to ensure that all financial obligations are satisfied in accordance with State law.
Q: Why did the school board vote to put the bond issue on the ballot?
A: The necessary upkeep to district facilities is substantial in costs. In an effort to repair and maintain district facilities without impacting money normally used for student instructional tools, teacher employment, and daily expenses, the district needs additional funds to maintain and repair big items.
Q: What would the timeline be for the proposed projects?
A: Projects would begin as soon as the bond passes and all projects should be finished in two years with some being finished by the start of the 2019-20 school year.
Q: Who do I contact with questions?
A: Dr. Allison Murphy-Pope, Superintendent of Schools, is the contact for bond issue questions. Her email is apope@hurleytigers.org or call 417-369-3271.
