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Boerne ISD board backs three "golden pennies," approves defeasance and calls Nov. 4 tax ratification election
Summary
Boerne Independent School District trustees voted Aug. 18 to adopt a proposed tax rate that adds three "golden pennies," approved a defeasance plan to retire about $13.9 million in debt and called a Nov. 4 voter-approved tax ratification election to raise local revenue for teacher pay and capital needs.
Boerne Independent School District trustees voted Aug. 18 to adopt a proposed tax rate that includes three "golden pennies" to the maintenance-and-operations portion of the levy, approved a district defeasance to retire roughly $13,875,000 in outstanding debt and set a Nov. 4 voter-approved tax ratification election.
The board’s finance presentation described the "golden pennies" as tier-2 rate increments that are not subject to state recapture and generate additional state matching funds. District staff said three golden pennies would produce approximately $4.8 million in total yield, roughly $2.85 million from local property tax collections and about $1.95 million from state-guaranteed matching. "For every dollar that we raise in local property tax revenue, that's 68.4¢ that the state…
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