A bond issue for Dexter USD 461 was approved by more than 73 percent of voters in Tuesday’s city-school elections.
Unofficial totals show 131 voters, or 73.6 percent, were in favor of the bond issue. A total of 47 voters, or 26.4 percent, were against it.
The $3.3 million bond issue will fund FEMA certified storm shelters, building renovations and additions, and deferred maintenance.
The USD 471 Board of Education thanked voters in a message posted on the district Facebook page the night of the election.
“A simple “Thank You” post is not nearly enough ... we all have a tremendous “attitude of gratitude” towards our patrons for the overwhelming support to make our schools safer, to make our schools better, and for laying the groundwork for USD 471 for the next 40 years, just like the local patrons did 40 years ago! Our students, staff, board, and administration thank all of the stakeholders from the bottom of our hearts. Now we will move forward on this project together, in unison, and make it a project that all USD 471 stakeholders are proud of and one that will benefit the current and future students for years to come,” the message said.
The approval of the bond will bring the district bond and interest mill levy from 0 to 13.50 mills. This means annual mill levy increases of $77.63 on a $50,000 home, $116.44 on a $75,000 home and $155.25 on a $100,000 home.
The project will be financed through the sale of general obligation bonds, according to information provided by the school district. It is anticipated that the bonds will be structured with a 25-year repayment schedule with an average interest rate around 3.35 percent, lower than the interest rate of the district’s last bond issue in 1979. Under the current school finance formula, the State of Kansas will pay at least 30 percent of all principal and interest payments on the bond issue.