Very soon you will receive the newsletter in your mailbox. It is packed with great information. Because of that, it is many pages long. For some of us, that may seem like a lot of financial speak and we need it divided into chunks. I have Mr. Oliverio’s permission to post excerpts in my blog so you can see a piece at a time. You have seen most of this information already in my blog. This is from the Treasurer’s perspective and it may help some to understand.
Bond Issue on November 5th Ballot
On July 16, 2019, the Finneytown Board of Education took a significant step in its facility planning process, placing a 7.69 mill combination bond issue (7.19 mill) and tax levy for maintaining classroom facilities (0.50 mill) on the November ballot.
If approved, the 7.19 mill bond issue will raise $27.87 million in capital for the construction of a new K-6 elementary building, complete with equipment, furnishings and site improvements. Tax collections will be used to repay principal and interest on the debt over 37 years.
The 0.50 mill tax levy will raise $97,275 per year over the next 23 years, for the exclusive purpose of providing funds to maintain the newly constructed classroom facilities.
The two measures are combined in a single issue, Issue #13, on the November 5, 2019 ballot.
If passed, this bond issue will add $269.22 per year to the tax obligation for a property with a valuation of $100,000, beginning in January 2020.
Unlike construction projects of the past, this new construction project is eligible for significant financial support from the state’s Ohio Facilities Construction Commission (OFCC).