(Published in The Iola Register on February 26, 2019, and March 5, 2019)

Transcription

1 (Published in The Iola Register on February 26, 2019, and March 5, 2019) TICE OF BOND ELECTION UNIFIED SCHOOL DISTRICT. 257, ALLEN COUNTY, KANSAS (IOLA) The Board of Education of Unified School District No. 257, Allen County, Kansas (Iola) (the District ), has adopted a resolution declaring it advisable to: Proposition 1 - (a) construct, equip and furnish a new Pre-Kindergarten through Grade 5 Elementary School to be constructed within the District; (b) acquire and improve a site for the proposed new Elementary School; (c) make all other necessary improvements appurtenant thereto; and (d) pay the costs of issuance and interest on the general obligation bonds of the District issued to finance the project during the construction thereof (collectively Project No. 1 ), at an estimated cost of $25,500,000, to be paid in part from general obligation bonds of the District; Proposition 2 (a) construct, equip and furnish a new S.T.E.M. (Science, Technology, Engineering and Mathematics) and Career Prep Center with new Kitchen, Cafeteria and Storm Shelter area to be constructed near and serve both the Iola Middle School and Iola High School; (b) acquire and improve certain parcels of property adjacent to this site for parking improvements; (c) make all other necessary improvements appurtenant thereto; and (d) pay the costs of issuance and interest on the general obligation bonds of the District issued to finance the project during the construction thereof (collectively Project No. 2 ), at an estimated cost of $7,015,000; and Proposition 3 - (a) acquire and install upgrades and improvements to the HVAC (Heating, Ventilation and Air-Conditioning) system at the existing Iola Middle School; (b) make all other necessary improvements appurtenant thereto; and (c) pay the costs of issuance and interest on the general obligation bonds of the District issued to finance the project during the construction thereof (collectively Project No. 3 ), at an estimated cost of $2,840,000, with Project Nos. 1, 2 and 3 to be paid from general obligation bonds (collectively the Bonds ) of the District. Notice is hereby given to the qualified electors of the District that a bond election has been called and will be held on April 2, 2019, for the purpose of submitting to the qualified electors of the District the following propositions: Proposition No. 1: obligation bonds in an amount not to exceed $25,230,000, to pay a portion of the estimated $25,500,000 costs to: (a) construct, equip and furnish a new Pre-Kindergarten through Grade 5 Elementary School to be constructed within the District; (b) acquire and improve a site for the proposed new Elementary School; (c) make all other necessary improvements appurtenant thereto; and (d) pay the costs of issuance and interest on the general obligation bonds of the District issued to finance the project during the construction thereof; all pursuant to the provisions of K.S.A et seq., K.S.A (f), K.S.A , and K.S.A et seq.? The balance of the costs shall be paid from available funds of the District. To vote in favor of Proposition No. 1 submitted on this ballot, darken the oval to the left of the

2 Proposition No. 2: obligation bonds in an amount not to exceed $7,015,000, to pay the costs to: (a) construct, equip and furnish a new S.T.E.M. (Science, Technology, Engineering and Mathematics) and Career Prep Center with new Kitchen, Cafeteria and Storm Shelter area to be constructed near and serve both the Iola Middle School and Iola High School; (b) acquire and improve certain parcels of property adjacent to this site for parking improvements; (c) make all other necessary improvements appurtenant thereto; and (d) pay the costs of issuance and interest on the general obligation bonds of the District issued to finance the project during the construction thereof; all pursuant to the provisions of K.S.A et seq., K.S.A (f), K.S.A , and K.S.A et seq.? To vote in favor of Proposition No. 2 submitted on this ballot, darken the oval to the left of the Proposition No. 3: obligation bonds in an amount not to exceed $2,840,000, to pay the costs to: (a) acquire and install upgrades and improvements to the HVAC (Heating, Ventilation and Air- Conditioning) system at the existing Iola Middle School; (b) make all other necessary improvements appurtenant thereto; and (c) pay the costs of issuance and interest on the general obligation bonds of the District issued to finance the project during the construction thereof; all pursuant to the provisions of K.S.A et seq., K.S.A (f), K.S.A , and K.S.A et seq.? To vote in favor of Proposition No. 3 submitted on this ballot, darken the oval to the left of the ********************** The polls will open at 7:00 o'clock A.M. and will close at 7:00 o'clock P.M., on April 2, 2019, the election day. The voting places in the District, and the area each voting place will serve, will be as follows: Voters Residing In Precinct Will Vote At Location Deer Creek, East Elm & West Elm Townships Gas City Community Center 624 W. Pine, Gas, KS Iola City, Wards 1, 2, 3 & 4, Carlyle, Geneva, North & South Townships North Community Building 505 N. Buckeye, Iola, KS 66749

3 The election will be conducted by the officers and/or persons provided by law for holding elections, and the method of voting will be by ballot. Registered voters are eligible to vote by advance voting ballot upon application to the County Clerk at the address set forth below pursuant to K.S.A et seq. ADDITIONAL INFORMATION The Capital Improvement Fund ( CIF ) has been established in the treasury of the State of Kansas to assist school districts with making principal and interest payments on voted general obligation bond issues. The amount of CIF funding each school district receives is based on a formula prescribed by statute and implemented by the State Board of Education ( Bond State Aid ). Based on the current formula, the District expects to receive Bond State Aid in the approximate amount set forth below to assist with making the principal and interest payments on the Bonds. No assurance can be given that Bond State Aid will continue at this or any amount in future years. The following additional information is provided by the District with respect to compliance with the provisions of K.S.A a and K.S.A. 12-6,122. This information has been obtained from sources deemed reliable by the District. Certain portions of this information are based upon projections. No assurances can be given that these projections will be accurate as of the date of issuance of the Bonds due to changing market conditions, any changes in assessed valuation of the District, changes in the amount of state financial aid received by the District and other matters unknown or unavailable at this time. The projected rates of property taxation to be used to pay the principal of and interest on the Bonds are based upon the current assessed valuation of the District, the assumed principal repayment schedule and the average interest rates from recent bond issues for similar types of financings and the current level of Bond State Aid the District would receive with respect to the Bonds, all as shown below. Proposition No. 1 Bonds to be Issued $25,230,000 Project Costs (including $25,500,000 District Funds 143,867 Interest During 301,367 Interest Earnings 637,500 Issuance Expenses 210,000 Total $26,011,367 Total $26,011,367 Total Interest Cost to Maturity $21,505,050 Assessed Valuation (2018) $61,661,767

4 Average Annual Principal and Interest Payments $1,611,553 Portion of average annual principal and interest payments from Bond State Aid $564,043 Portion of average annual principal and interest payments from District funds $1,047, Mills Mills Proposition No. 2 Bonds to be Issued $7,015,000 Project Costs (including $7,000,000 District Funds 0 Interest During 110,000 Interest Earnings 175,000 Issuance Expenses 80,000 Total $7,190,000 Total $7,190,000 Total Interest Cost to Maturity $5,979,075 Assessed Valuation (2018) $61,661,767 Average Annual Principal and Interest Payments $448,072 Portion of average annual principal and interest payments from Bond State Aid $156,825 Portion of average annual principal and interest payments from District funds $291, Mills 4.34 Mills

5 Proposition No. 3 Bonds to be Issued $2,840,000 Project Costs (including $2,840,000 District Funds 0 Interest During 31,000 Interest Earnings 71,000 Issuance Expenses 40,000 Total $2,911,000 Total $2,911,000 Total Interest Cost to Maturity $2,417,700 Assessed Valuation (2018) $61,661,767 Average Annual Principal and Interest Payments $181,300 Portion of average annual principal and interest payments from Bond State Aid $63,455 Portion of average annual principal and interest payments from District funds $117, Mills 1.76 Mills The election officer conducting the election will be the County Clerk of Allen County, Kansas, whose address is 1 N. Washington, Iola, Kansas DATED: February 20, (Seal) Sherrie L. Riebel, County Clerk Allen County, Kansas