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Bond Issue Information for USD 506 Patrons
Unified School District 506
The Labette Facilities Steering Committee was asked by the Labette County School Board to develop a long-range master plan for facilities. In May 2014, the Facilities Steering Committee, made up of about 25 parents, community members and staff, launched into a shared journey of research and discussion to discover and explore what types of learning programs and practices characterize and education for living and thriving in the 21st century. The Committee was charged with “developing a vision for 21st century learning and a plan for educational facilities to support that vision.”
Community meetings as well as a survey of patrons helped inform and guide the planning process.
The Committee developed the master facilities plan by:
After comprehensive review and discussion, the school board decided to authorize a bond election to address the essential facility, security, and safety needs of the school district.
District Facility Issues Addressed By Bond
The Bond Issue: Cost and Tax Implications
The principal amount of the bond issue is $23,900,000, which would increase the mill levy approximately 10.66 mills. It is anticipated the bonds will be structured with a 25 –year repayment schedule at an average interest rate of approximately 3.88%. Under the current school finance formula, the State of Kansas will pay 41% of all principal and interest payments. This equates to approximately $16,758,920 of the debt service payments being paid by the State of Kansas. The property tax increase for the owner of a $75,000 home would be $7.66 per month or $91.94 annually.
For additional or more detailed information please check the District’s website www.usd506.org or call the District office at 620-784-5326. Detailed information will be presented to the public on February 25 and March 31 from 6:00 to 8:00 at Harrison Gymnasium.
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