LOUDONVILLE — A proposed bond issue to build a new K-12 Loudonville-Perrysville school is one step closer to the November ballot.
The district board of education unanimously passed a resolution at its Monday meeting that may lead to a $53.5 million, 37-year bond issue going before the voters.
(Below is a PDF of the resolution the district passed regarding the bond and levy on Monday.)
The resolution’s text states the district will “issue and sell” $53,500,000 in bonds with an annual levy on taxable property. It will be paid “over a period not to exceed 37 years.”
According to district treasurer Christine Angerer, the bond resolution will be sent to Ashland County Auditor Cindy Funk.
Next steps
Funk said her office’s job is to provide a certificate for whatever millage the district needs to cover principal payments and interest payments for the building project.
Angerer said the amount people would pay should the bond pass is not yet finalized. That comes once Funk’s office provides the certificate, according to Angerer.
After the district receives the certificate, Angerer and Funk said the board will have to pass another resolution to place the bond on the November ballot. Angerer anticipates the board will pass that next resolution.
Then, voters get a say in November.
The bond issue, if the board approves it, will appear on the ballot for in-district voters in Ashland, Holmes, Knox and Richland counties. Voters will be asked to issue the bonds and approve a permanent improvement levy for the building project.
If the bond issue passes, the Ohio Facilities Construction Commission would also spend $15,681,130 on the project. At its May meeting, the board approved the OFCC’s project scope and estimated contribution toward the project.
Also on Monday, the board also approved a $2.1 million transfer from the district’s general fund into a construction fund. At community meetings regarding the new building, the district pledged to put $2 million toward the potential project.
Angerer said putting money into the fund means Loudonville-Perrysville Schools will have access to use those funds for construction for 10 years. So, if the levy fails, the district could still use the $2 million to complete renovations on the existing buildings, Angerer said.
