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Supporters took turns stepping to the microphone at North High School Monday night, praising EVSC superintendent Dr. Vince Bertrams strategic plan to reshape the way, and in many cases, the place where district students attend class.
Bertrams plan calls for new construction and rehabilitation at several sights, most notably the building of a new North High School/Middle School complex in the northern part of the county. The total price tag for all of the building is estimated at $149 million, and Bertram believes it could be done without any new taxes.
Administrators told the school board Monday how they plan to raise the money without putting the pinch on property tax payers.
Money would be raised using three bond issues over three years, so money would be on hand when needed, but the corporation wouldnt have to pay interest on money it wasnt using for construction yet. Further, the corporation says in 2013 it will retire a large bond issued a few years back to fund pensions. Money currently alloted for those bond payments would be shifted to the new bonds. The district has also canceled some projects from 2006 and 2007, rolling about $4 million in to an account for the strategic plan.
If property values continue to rise in the county at 2.5%, the corporation expects revenue to keep pace with borrowing, preventing it from having to raise taxes.
The few remonstrators who spoke out against the plan voiced concern about the need for further borrowing in the future, which may be needed, but not foreseen. The also worry about a continued rise in property value in the face of weak economy.
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