Bonding advisor Dick Bartow said the debt service levy would need to be 80 cents to support $20 million in bonds over 20 years.
Superintendent Craig Noah noted that the district will be rolling back its levy an estimated 24 cents, meaning the net tax impact of the building bonds will be considerably less than 80 cents.
Bartow offered an example of the tax impact the 80-cent levy would have, noting that the owner of a $100,000 home would pay about $12.67 per month. The levy rollback will reduce that amount, Noah said.
An earlier design would have served grades three through five and housed 600 students, making the additions to the older buildings necessary.
The board also authorized the district to enter into a contract for the Banks property on South Odell Avenue contingent on the passage of the bond issue.
In other business, the board approved a slightly amended contract with Titan Construction, which will provide construction management services for the new school project if the bond issue passes.
The board adjourned and agreed to meet in closed session.
Board members Cindy Brandt, Mark Gooden, Kathy Green, Anita Wright, Teri Wright and President Larry Godsey were present. The next board meeting will be Tuesday, Aug. 25, at 7 p.m. in the Central Administration Office at the intersection of Vest Street and Miami Avenue.
More information to follow.