CINCINNATI - The Finneytown School District bond issue has passed with a 56 percent vote to a 44 percent vote.
District officials were hoping the issue passed so that they can raise $4.7 million for repairs, renovations and security at the schools.
The school board approved putting a 15-year, 1.98 mill bond issue on the ballot this November.
Voters determined the school repairs are worth the extra taxes. The yearly cost of the bond issue for the owner of a $100,000 home is $58.77 or roughly $4.90 per month.
About 70 percent of the funds raised will pay for roofing and paving projects and about $1.1 million will be spent replacing and updating heating and cooling systems in the district's buildings.
"These are important facility needs and they need to be addressed," Finneytown Local School District Treasurer Dave Oliverio said.
The bond issue will also pay for security, lighting, technology and other projects at the schools that were identified in the district's six-year capital improvement plan.
To make up some of the difference, the district also borrowed money through the House Bill 264 energy conservation program which gives school districts the ability to make energy efficient improvements and use the cost savings to pay back the money.
"A primary purpose for the proposed Bond Issue project plan and HB 264 initiative is to upgrade and modernize district facilities in a manner that will allow the district to realize financial savings over time," says Dr. Alan Robertson, Superintendent.
"We're hopeful that taxpayers will see the long-term vision," Oliverio said. "This is a way to address our facility needs for the next 12 to 15 years."
Below is how the levy will appear on the ballot:
A majority affirmative vote is necessary for passage.
Shall bonds be issued by the Finneytown Local School District for the purpose of NEW CONSTRUCTION, IMPROVEMENTS, RENOVATIONS AND ADDITIONS TO SCHOOL FACILITIES AND PROVIDING EQUIPMENT, FURNISHINGS AND SITE IMPROVEMENTS THEREFOR in the principle amount of 4,700,000 to be repaid annually over a maximum period of fifteen (15) years, and an annual levy of property taxes be made outside the ten-mill limitation, estimated by the county auditor to average over the repayment period of the bond issue one and ninety-eight hundredths (1.98) mills for each one dollar of tax valuation, which amounts to nineteen and eight-tenths cents ($0.198) for each one hundred dollars of tax valuation, commencing in 2012, first due in calendar year 2013, to pay the annual debt charges on any notes issued in anticipation of those bonds?