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School bonds result in additional taxpayer savings
Published
11 years agoon
Posted By
AdminBig Sky School District
BIG SKY – On July 17, the Big Sky School District completed financing $9.745 million in bonds for its school improvement project, which will fund a new elementary school. The district plans to complete an additional loan of up to $455,000 in 2014 for the remaining authorization of $10.2 million after construction bids and costs are known. The term of these tax-exempt bonds is 15 years, with a final maturity set for July 1, 2028.
Final interest costs were lower than originally projected to voters, despite recent increases in interest rates, according to district administration. With the final bond figures and estimated loan costs, taxpayers will have an estimated $109,177 less in interest costs over the term of the bonds, compared to election estimates.
Mills to pay debt service on the bonds will commence in 2014/2015 and are estimated to be 32.04; for a home valued at $100,000 on the tax rolls, that would mean approximately $47.19 in new taxes. The projected mills at the time of the election were estimated at 34.63.
The true interest cost rate on the bonds is 3.11 percent, 0.14 percent less than the original estimates of 3.25 percent. Yields to investors ranged from 0.33 percent in the first maturity in 2014, to 3.75 percent in 2028. The bonds were offered and sold through D.A. Davidson and Co. to local and statewide banks and individual investors.
Approved by voters on May 7, the bonds are being issued to acquire two parcels of land on Windy Pass Trail contiguous to and north of the school campus, as well as to design, build and equip a new complex to serve prekindergarten through fourth grade classes.
As a part of the financing process, the district received an “A” credit rating with a stable outlook from Standard & Poor’s Ratings Services. The S&P rating report specifically indicates the favorable rating is due to the following:
• Good local economy situated in the greater Bozeman area, coupled with strong income indicators
• The district’s good tax base growth in recent years, with a lack of concentration in the top 10 taxpayers
• The district’s adequate financial position maintained during the past two fiscal years with a formal reserve policy of maintaining at least 5 percent of expenditures in its general fund reserve
Partly offsetting these foregoing strengths, according to S&P, is the district’s very small reserve levels on a nominal basis and very high debt burden on a per-capita basis.
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My Barking Dog is a nightmare comedy
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My Barking Dog is a nightmare comedy that tells the story of Toby and Melinda, two lonely people whose lives are forever changed the night they encounter a starving coyote at their apartment building. Over time they grow to expect him, leaving ritual offerings to entice the coyote every night. Toby and Melinda forge a connection over this visitor and share curiosity and concern about his presence in the city. The coyote expands their world–until, one night, their world is shattered. Their lives are pushed suddenly into uncharted territory, sending them on a surreal odyssey that changes their city–and the world–forever.
Directed by LX Miller. Starring Max Schneider and Denise Hergett
Verge Theater is continuing their mission to provide accessible theater to our community. Tickets for My Barking Dog are Pay What You Wish with a suggested price of $35. Audience members are offered the opportunity to select the price point that is comfortable for them when purchasing tickets.
My Barking Dog runs March 15-17, 22-24, 28-30
Performances on Thursdays, Fridays, and Saturdays begin at 7:00 p.m., with Sunday matinees offered at 3:00 p.m.
Suitable for ages 16 . No animals are harmed in the staging of this production.
Tickets are available online at www.vergetheater.com
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15 (Friday) 7:00 pm - 30 (Saturday) 8:30 pm
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Saturday, March 23rd 6:00-8:00pm We will combine the heart-opening powers of cacao with the transcendental powers of breathwork and sound. Together, these practices will give us the opportunity for a deep
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Saturday, March 23rd 6:00-8:00pm
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March 23 (Saturday) 6:00 pm - April 23 (Tuesday) 8:00 pm
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Santosha Wellness Center
169 Snowy Mountain Circle
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Thursday of the Lord’s Supper Mass St. Joseph Catholic Mission
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Thursday of the Lord’s Supper Mass
St. Joseph Catholic Mission
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