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Northwest schools bond and levy rejected

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CINCINNATI - Voters rejected Issue 47, the Northwest Schools bond & levy issue.

The combination levy that was rejected would have generated $5.78 million per year in operating funds for the district and raise $44 million to renovate Colerain and Northwest high schools. It would have cost a homeowner of a $100,000 home an additional $155 annually.

The bond issue rejected would have meant an additional $47.74 and the levy an additional $106.42 per year for the owner of a $100,000 home.

This bond/levy issue was for the purpose of new construction, improvements, renovations and additions to school facilities and providing equipment, furnishings and site improvements in the principal amount of $44,000,000, to be repaid annually over a maximum period of 37 years, and levy a property tax outside the 10-mill limitation, estimated by the county auditor to average over the bond repayment period 1.57 mills for each one dollar of tax valuation, which amounts to $0.157 for each one hundred dollars of tax valuation, to pay the annual debt charges on the bonds, and to pay debt charges on any notes issued in anticipation of those bonds.

Copyright Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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