As the school district digs into the facilities-related work—selecting vendors, gathering committees, planning communications, establishing timelines, and more—there continues to be a focus on being good stewards with community tax dollars. We know these projects represent a significant investment in our community and our schools.
With that in mind, we were happy to announce that on January 9, the district sold the $144 million in General Obligation School Building Bonds authorized by the voters during the November 7, 2017 special election. The winning bidder was Bank of America Merrill Lynch, with the lowest actual true interest cost of 3.13%. This rate is less than the 4.10% used for the estimates prepared prior to the election. As a result, the total levy for principal and interest over the 20-year life of the bonds will be $20.8 million less than estimated during the election. For the owner of an average-value home in Roseville School District ($250,000), the district had estimated an annual school property tax increase of $470 for taxes payable in 2018. The actual cost of the annual increase will be $421.
As we proceed through the design process, there will be meetings with staff and community members regarding work at each site. We’ve been working on planning how to phase the work so that we will get the most benefit for the money with which our community has entrusted us. We will post updates about district sites as the information becomes available. We will also send it out to all households in the school district via the 623 Today newsletter. As always, if you have any questions please reach out to the school district. You may also use the “Ask a Question” link to the left to submit a question.
This is an exciting time for our students, staff, and community. We look forward to sharing updates with you as the projects our community so generously funded become a reality.