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Financial adviser outlines districtSAVE revenue, borrowing options and limits
Summary
A consultant told the Clear Creek Amana board the district collects about $4 million a year from the statewide SAVE sales tax, has room under state debt limits to sell remaining referendum-authorized bonds and should be cautious about borrowing against future SAVE receipts for big projects.
Tim Oswald, who presented to the Clear Creek Amana Community School District board, summarized the district's sales-tax revenue (known in Iowa as SAVE), recent borrowing and the constraints the district faces on using SAVE as collateral for debt.
Oswald told the board the district currently receives about $4,000,151 in SAVE revenue in the current budget year and that, using projected enrollment growth and modest inflation, that could rise to a little more than $4.3 million in the coming year.
The context matters because some districts use SAVE receipts to secure bonds. "Every SAVE dollar we borrow and commit to a payment out into the future is a SAVE dollar we don't have available in the future for some other purpose," Oswald said, urging caution as the board considers major capital projects.
Why it matters: SAVE-backed…
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