What date is the proposed bond scheduled to be paid off? What is the length of the loan?
The bonds can only be sold after approval from the bond election. At the time of sale, the final maturity date of any new bonds will be established. In order to establish a not-to-exceed tax rate budget, the preliminary amortization schedule reflects a maturity of 2026 for the portion of the bonds that may be issued as Qualified School Construction bonds (at a potential zero percent borrowing cost) and a maturity of 2036 for the portion of the bonds that may be issued as traditional tax-exempt bonds. If the new tax-exempt bonds are issued with a 20 to 25-year amortization, the district will be paying off some principal in year one and will have the option to pay the bonds off early beginning in 10 years.
