Written by Beth Hull, Co-Chair, Citizens For the Children’s Future Committee
To this point, there have been no large loans by District 7 since the $58 million bond approved by voters in 1998 and issued on October 1, 2001.
Various long-term obligations (bonds and purchase agreements) are from $1 million to $21 million, and all loans currently on the books are due to be paid off by the end of 2022.
That leaves the district the opportunity to either take out small bonds in a similar fashion and repay them at the current rates with roughly the same tax burden as we have now, or if they require less money than these bonds, to lower property taxes.
Financial advice publications and rating reports from Moody’s and Standard & Poor’s praise District 7 for good money-management practices to this point for maintaining a reasonable debt level.
However, both publications consider the BMW manufacturing facility (304 John Martin Road outside of Fairforest, also Highway 101, and Blackstock Road) and the Amazon fulfillment center (402 John Dodd Road, Wellford) as part of the equation in boosting the property tax base. However, neither are in District 7.
District 7 does benefit from federal, state, and county funds, however, this particular referendum will not tax Amazon and BMW.