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Fox Point-Bayside putting two referendums on ballot

Jan. 19, 2010

Fox Point-Bayside — Voters will be asked to approve two school referendums in the April 6 election.

The School Board on Jan. 18 approved issuing $3.255 million in general obligation bonds and $3.7 million in general promissory notes if the voters approve.

Superintendent Gary Peterson said the $3.255 million would be used for projects to improve energy efficiency and upgrade facilities and technology in both Stormonth and Bayside schools as well as pay off a $1.585 million State Trust Fund Loan taken to fund post-employment benefits for current and retired personnel.

The $3.7 million would then be used to fund those benefits.

Peterson said that by retiring long term debt in the 2010-2011, the cost of debt to taxpayers would decrease from the current 64 cents to 60 cents per $1,000 of assessed value. The new debt would have a lower interest rate than the debt that is being retired.

"If the referendum is approved, we will also try to get federal zero coupon bonds," Peterson said.

- Mary Buckley

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