How is a Bond Different from a Levy?
In Ohio, a bond funds capital projects like new buildings or major renovations, while a levy provides ongoing funding for operational costs like salaries, utilities, and supplies.
Here’s a more detailed breakdown:
Bonds:
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Purpose:Bonds are essentially loans taken out by a school district or local government to finance large, long-term projects like building new schools, renovating existing ones, or upgrading infrastructure.
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Funding:The money to pay off the principal and interest on the bond is collected through property taxes.
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Duration:Bond levies are typically in place for a specific period, often 20 years or more, until the debt is fully paid.
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Example:A bond issue might be used to fund the construction of a new high school or the renovation of an existing one.
Levies:
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Purpose:Levies are property taxes used to fund ongoing operational costs of schools or local governments.
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Funding:The money collected through a levy is used for salaries, utilities, supplies, and other day-to-day expenses.
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Types:There are different types of levies, including operating levies, permanent improvement levies, and emergency levies.
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Duration:Levies can be for a specific term or continuing indefinitely, depending on the type and voter approval.
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Example:An operating levy might be used to fund teacher salaries, while a permanent improvement levy could be used for ongoing maintenance and repairs.
What will this Bond Cover?
The plan realigns the school buildings for efficiency and maximizes available space along with the following:
● Building new 5-6 and 7-8 buildings that would be connected to the current middle school campus (Moving the 5th graders out of elementary school and into the 5-6 building)
● Building a new elementary school by streamlining the number of elementary buildings from 7 to 6
● Investing in current elementary buildings through additions and renovations. (Amelia, W-T, and Clough)
● Making district-wide upgrades to safety, technology, and furniture
To view more about the plan click this link.
How Much Will It Cost Me?
