Bond proposal passes in Rapid River School District
RAPID RIVER – Residents of the Rapid River School District have voted to pass a bond proposal which will provide the district with more than $3 million for facility improvements.
The proposal passed by 26 votes. Of the number voters, 220 voted in support of the proposal and 194 voted against it. Voter turnout was 17 percent.
Under the proposal the district will borrow the sum not to exceed $3,060,000 and issue it’s general obligation unlimited tax bonds. Funds from the bonds will be used to remodel, equip, and furnish the school building; build an athletics storage building; purchase busses; develop playgrounds; and install instructional technology.
“What this bond proposal does for us in Rapid River is take care of all our facility needs for the foreseeable future so we can keep our funding where it should be, and that’s taking care of our kids,” said Rapid River Superintendent Jay Kulbertis.
The estimated milliage that will be levied for the bonds is 1.76 mills ($1.76 on each $1,000 of taxable valuation) for 2013. This is a 0.35 mill decrease from the 2012 levy.
The amount of interest owed on debts currently held by the district is roughly the same as the amount that will be raised by the bond proposal. However, because the bond sale will allow the district to refinance it’s debts, the money raised by the bond sale can be used for facility upgrades rather than interest with no affect to the length or amount of debt held by the district.
The district has already taken steps to evaluate the current building needs and attempted to predict needs that will arise in the next ten years. Building projects funded by the bonds will take place during the next three years.