During last Thursday evening’s Big Walnut Local School District Board of Education meeting, district treasurer Terri Eyerman said the school district is trying to reduce the impact that the district’s $133.9 million, 8.3-mil Bond Issue on the November 8 General Election Ballot would have on district homeowners.
Eyerman said the Big Walnut administration and board of education members are having discussions concerning plans for construction. There are not specific scenarios yet, as those would require meetings with an architect. The Request for Qualifications for an architect will not be advertised until after the election, given voter approval.
“Through conversation with our financial and legal teams, it’s evident that there will be at least three draws of bond funds,” Eyerman said.
Eyerman said if the district were to issue the entire $133.9 million in bonds immediately, then the approximate amount due according to the ballot language ($0.83 per $100 taxable value) would be approximately $290.50 on a property with a market value of $100,000. The taxable value of this property would be $35,000, which is 35 percent of $100,000 market value. “However, the school district will not issue the full amount immediately,” Eyerman said. “Smaller increments will be issued according to the construction plan. The millage charged to taxpayers will be calculated on the debt actually due each year.”
Eyerman said the 2017 collection for the bond issue is estimated to be closer to 1.25 mills the first year, which on a $100,000 property would calculate to approximately $43.75 a year, or just under $22 per half in 2017 collections.
“Each disbursement of the $133.9 million will require calculation of additional millage for the next year,” Eyerman said. “Once the entire amount is drawn, in years three or four, millage would be recalculated to pay the annual amount of debt due using valuation at that time.”
“We’re cognizant that $133.9 million is a large amount of money,” Eyerman added. “We’re looking at ways to lessen the impact on taxpayers so they don’t shoulder the whole burden all at one time.”
Reporter Lenny C. Lepola can be reached at 614-266-6093.