Liberty Elementary District reviews $50M and $69.5M bond scenarios; advisor says tax rate can be held near current level

Mike LaValle of Stifel told the Liberty Elementary District governing board on Dec. 12 that the district’s assessed valuation and bonding capacity have grown and that the board could ask voters to authorize a bond while structuring sales to avoid a sudden tax-rate spike.

LaValle reviewed a 10‑year history of the district’s assessed valuation and showed two illustrative bond scenarios: a $69.5 million request and a $50 million request. He said the district’s current bonding capacity was about $46.9 million, that it is projected to rise to roughly $50.3 million by July 1, 2025, and that, under the presentation’s assumptions, assessed‑value growth could increase capacity to about $62 million by September 2025.

“Every bond election has a tax impact,” LaValle said, warning that voters should understand the tradeoffs while noting the district can “structure the debt in such a way that will keep the overall bond tax rate” at or near recent levels. Under the scenarios shown to the board, LaValle estimated the average annual tax‑rate impact at about $0.52 per $100 of assessed value for the larger scenario and about $0.37 per $100 for the smaller scenario — roughly $52 and $37 a year, respectively, on a $100,000 taxable value property.

Board members pressed LaValle about timing and strategy. Vice President Chris Kenyon asked about public sentiment after several local bond defeats; LaValle recommended consulting political consultants to advise whether 2025, 2026 or 2027 would be the optimal year in the district’s neighborhoods. Member Kelly Zimmerman and others asked how the district might present messaging such as “no tax increase,” and LaValle cautioned that while the bond could be structured so the bond tax rate is similar to the prior year, “there is a tax impact” and messaging should be precise.

LaValle said that if voters approve an election in November 2025, the earliest the district would likely sell bonds would be in 2026, and that the district can ask for authorization larger than its immediate bonding capacity and sell the authorization in tranches over up to 10 years. He also used conservative assumptions for interest and growth (5% interest and a capped growth rate in line with statute for voter‑pamphlet projections) so the board could plan for worst‑case impacts.

Next steps discussed at the meeting included additional project‑level cost estimates and further study of timing, public outreach and legal requirements. LaValle and district staff noted the county sets official deadlines for calling elections, and a decision to place a bond on a ballot would require additional board actions and public materials before a vote.