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Finance director proposes education‑technology note and future bond to preserve debt service mill levy
Summary
Finance Director Satania presented options to avoid the state reducing the district's debt‑service mill levy to zero, including issuing a one‑year education‑technology note this year and placing a bond question on the November ballot to fund capital projects and preserve the tax rate.
Finance Director Satania told the Central Consolidated Schools board the district is collecting more debt‑service tax revenue than it needs to meet outstanding bond obligations and faces a risk the state could reduce the debt‑service mill levy to zero if the excess is not justified.
Satania told the board the district currently levies about 6.3% for debt service and has two outstanding bonds issued in 2014 and 2015 that mature in 2029. He said the district's tax base changed after a local plant closed, but that offsetting increases in property values elsewhere left…
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