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Greeley Co. to vote on $4.8 million bond
Published 10/19/2010 in Local News : Area coverage
Interest free bond to benefit USD 200 school projects.
By JEROME P. CURRY
Voters in Greeley County USD 200 will decide Nov. 2 on an interest free bond issue of up to $4.8 million to remodel, repair and bring the district's elementary school in compliance with contemporary building, health and safety standards.
"Greeley County has a history of strong support for its schools. Those that have gone before us have done things right and done them with a proactive approach," said USD 200 Superintendent Bill Wilson. "Regardless of economic times, the community has stepped up and provided the students of this county with a high quality education in facilities that fostered safety, pride, and a commitment to excellence. The current board of education and administration want to continue that strong heritage."
The staggered economy allows the district to use Qualified School Construction Bonds, if approved by the voters, without paying interest. These bonds are retired by a tax credit program established under the federal American Recovery and Reinvestment Act. The act provides federal tax credits in lieu of interest to lenders who issue bonds to school districts. Districts, in this case USD 200, are obligated only to repay the principal.
"The amount of the bond issue would authorize up to $4.8 million. That amount is based upon use of Qualified School Construction Bonds, which will actually allow us to likely retire the debt in 16 years," Wilson said. "We currently have no bond obligations."
Voters in the Tribune-based school district have not been asked to approve a school construction bond issue since 1988, when the high school was remodeled. The 1932 construction of the high school was financed with bonds. The elementary school and a new gymnasium were built in 1956 with bonds. The junior high wing built in 1998 was paid for with capital outlay dollars.
Wilson noted that the bond issue work planned for the elementary school includes:
* Renovation of current structures, including updating and bringing current mechanical and electrical systems to code.
* Efficiency updates (windows and doors), as well as replacing window air conditioning units with a central climate control system.
* Updates to restrooms, new carpeting and improved lighting.
* Installation of pitched roof masonry and concrete repairs.
* Cabinetry, dry wall, ceiling and flooring renovation, repair and updating.
Although the bonds are interest free, there would be an additional cost to the district's voters.
Financial officers project $4.86-a-month increase for a home valued at $50,000; $7.30 on a $75,000 home; $9.73 on a $100,000 home; $1.62 on 160 acres of dry land; $4.26 on 160 acres of irrigated land; 53 cents on 160 acres of grassland. The average assessed value of a residence in Greeley County is $57,000.
"The structure of the building is sound. New construction would be more expensive and likely would reduce the total square footage for the school," Wilson said. "We're not interested in luxury, we are simply looking to update a 50-plus-year-old building that needs some attention. There are some safety and efficiency issues, along with some adherence to new codes that make this project one that makes sense. We want to remain proactive and maintain the tradition that Greeley County has established."
Several Greeley County voters have formed a Yes for Kids group to support the bond issue. So far, there has been no identifiable organized opposition to the plan to repair, renovate and update the school, Wilson said.
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