Title
A RESOLUTION ENDORSING THE NOVEMBER BALLOT ISSUE TO SUPPORT THE HUDSON CITY SCHOOLS.
Executive Summary: Mr. Wooldredge has proposed this Resolution in support of the proposed bond issue for Hudson City Schools, which will appear on the November 7, 2017, Ballot as Issue 30.
Body
Legislative History
None.
Purpose & Explanation
The following issue will appear on the November 7th local Election Ballot:
HUDSON CITY SCHOOL DISTRICT - Proposed Bond Issue - Shall bonds be issued by the Hudson City School District for the purpose of constructing, furnishing and equipping a new middle school, constructing, renovating, remodeling, rehabilitating, adding to, furnishing, equipping and otherwise improving buildings and facilities, and preparing, equipping and otherwise improving real estate, for School District purposes in the principal amount of $81,550,000, to be repaid annually over a maximum period of 30 years, and an annual levy of property taxes be made outside of the ten-mill limitation, estimated by the county fiscal officer to average over the repayment period of the bond issue 4.97 mills for each one dollar of tax valuation, which amounts to 49.7 cents for each one hundred dollars of tax valuation, commencing in 2017, first due in calendar year 2018, to pay the annual debt charges on the bonds, and to pay debt charges on any notes issued in anticipation of those bonds?
If approved, the cost to homeowners will be $522 per year beginning in 2018 for a house appraised at $300,000.
Timing Considerations
Timing allows for three readings of this Resolution.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends three readings of this Resolution.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Finance Director
Elizabeth Slagle, Clerk of Council