The Bond Construction website is a way to let taxpayers keep track of their investment in our schools.
It is designed to provide the transparency and accountability our voters asked for when they approved a $242.1 million school construction bond to pay for facilities repair projects at 48 schools and to build four new schools to alleviate overcrowding.
What's in the 2008 bond?
In November 2008, voters within Salem-Keizer Public Schools boundaries passed a local measure for a $242.1 million construction bond to repair and renovate local schools, and address overcrowding. The bond includes:
What's a bond?
Our local community has a funding option available to them to help pay for construction of schools and/or major renovations and repairs. As taxpayers, we have a choice to approve a bond of indebtedness allowing Salem-Keizer to use the proceeds to pay for repairs, renovations and building of new schools. If approved, our district can use additional property taxes through a bond levy.
Why a bond?
Majority of Salem-Keizer funding now comes from the state and almost all of that goes toward the general instruction of our students. This does not leave a great amount of funds for maintenance, repairs, and upgrades of our schools. We do budget for maintenance each year, but the bond tackles the big items like replacement of roofs, windows, heating and ventilation systems, and fire alarms.
What does it mean to taxpayers?
The district will receive funds through property taxes. The bond cost is estimated at approximately $1.21 per $1,000 of assessed home value over the life of the bond, which is 31 years or less. The average assessed home value in Marion County is $138,000; the average assessed home value in Polk County is $157,000. It means no increase in the current property tax rate. [Note: the information above is from 2008.]
Why? As the current debt from previous construction bonds is paid off, the new debt will take its place. As new residents move to Salem-Keizer they will help share the cost of this construction bond.