Sherwood 2021

***Updated*** On April 6, 2021 the one-day bond issue was passed with a 76.4% approval from the community. Thank you, Sherwood!!

Latest Update on Bond Issue Projects (all bond expenses unless noted)

• Athletic Field Lights & Scoreboards: Thanks to fundraising and sponsorship efforts we have about $67,000 for the initial down-payment. The remaining $335,000 will be financed at 0.5% interest over 10 years. The annual payment will be less than the loan for the track payments. Any remaining bond funds will be used towards the first year's payment. All other payments will be paid using regular budgeted money on an annual basis. COMPLETED

  • On May 20th a check was cut to pay off the remaining $74,000 balance of the track COMPLETED

• 2 Buses have been approved and are on order to arrive in August. The $100,000 down-payment is through bond funds. The remaining 4 payments will cover the remaining costs. The large down-payment makes the annual payments more manageable for the district. COMPLETED

• The Elementary Gym Sound System and Visual Equipment has been ordered. Power has been run to the location where the projector and sound system will be installed. As soon as it arrives KC Audio-Visual will install the equipment. Approx cost is $27,800 COMPLETED

• KC Pro will do foundation repairs in the HS library and the west end of the HS hallway for approximately $45,000. COMPLETED

• A vendor for rekey of the district was approved on May 19th in the amount of approximately $23,000 COMPLETED

• Security camera upgrades were purchased in the amount of approximately $5,000 COMPLETED

• The purchase of a new stage curtain was approved on May 19th for approximately $8,000 COMPLETED

• The padding on the high school stage will be replaced for just under $1,000 COMPLETED

• Baseball and softball fields fence protector has been purchased for approximately $2,200 COMPLETED

• Parking barricades, mobile handicap parking signs, and parking lot cones were purchased for approximately $2,000 COMPLETED

• High school kitchen oven/stove replacement and electrical work for approximately $24,000. COMPLETED

• Repairs and replacements on interior and exterior doors in the district for approximately $15,000 COMPLETED

• New benches and picnic tables for three outdoor classroom areas $12,000 COMPLETED

Original Posting:

On January 20, 2021 the Sherwood Board of Education approved a resolution to seek a vote of the community for a bond issue. However, this bond issue is different than any bond issues in the past:

• This bond issue will not affect anyone's taxes

• This bond issue would give permission for the district to use funds that are already in a restricted account.

• CLICK HERE for the ballot language and the full resolution for April 6th showing an estimated no cost to the taxpayers of the school district.

• The district would gain access to approximately $400,000 for projects in the district.

What will the district do with these funds?

• Use the funds for two years of payments for two new school buses for the district

• Replace some 20+ year old HVAC units Instead Covered by COVID-19 Relief Funds (improved ventilation)

• Install new bus cameras on several buses Instead Covered by COVID-19 Relief Funds (improved contact tracing)

• Replace several exterior doors and doorframes for better security/safety

• Building repairs in various areas (structural, plumbing, electrical)

• Install Audio/Visual System in the Elementary Gym including a full sound system with speakers and wireless microphones

• Payoff the debt from the track loan from 2013

• Partial payment towards Athletic Field Lights for softball and baseball fields and replacements for football field

• Other smaller projects and enhancements around the district

How does this work?

• Over time the district has accrued additional funds in the Debt Service Fund.

• The Debt Service Funds can ONLY be used to pay off the school district's debt.

• Stifel is the financial company the school district has agreed to work with on this project. They would essentially process the bonds on one day (putting the district into the agreed upon amount of debt), and they will send the school district the funds for us to put into the Capital Project Funds (where we pay for buses, construction, renovations, equipment, etc.).

• The next day we send Stifel money out of the Debt Service Funds to pay off the debt.

• There is no interest on the payment and there are no taxes for the public to pay.

• The district is then approved to use the funds in Capital Projects over a period of up to three (3) years.

How are we paying for Athletic Field Lights along with all of these projects?

• The school district will use some of these funds to pay off the remaining debt on the track.

• The annual payments on the track will then be budgeted instead for the athletic field lights.

• We are able to secure a low interest rate loan (0.5%) for this project that will actually help the district see an annual savings on the yearly cost of the track vs the field lights.

• Money that has already been fundraised by the Booster Club, donations, and sponsorship funds will also be used towards purchasing the athletic field lights.

• This loan allows for the district to pay down the debt early without penalty if the district continues fundraising and adding sponsors for the project.

Paid for by the Sherwood Cass R-VIII School District; Dr. Steve Ritter, Superintendent of Schools