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Toledo School District #237 Proposition No. 1

Bonds to Construct, Renovate and Improve School Facilities - $12,900,000The Board of Directors of Toledo School District No. 237 approved a proposition for bonds. This proposition would authorize the District to upgrade and completely renovate Toledo High School and make other certain capital improvements to Toledo Middle School and Toledo Elementary School; replace the running track and construct new restrooms at the grandstand; to issue $12,900,000 of general obligation bonds maturing within a maximum term of 21 years, and to levy excess property taxes annually to repay the bonds, all as provided in Resolution No. 2016-17-19. Explanatory StatementPassage of Proposition No. 1 will authorize Toledo School District No. 237 to borrow up to $12,900,000 by issuing general obligation bonds. In accordance with Resolution No. 2016-17-19 approving this proposition, the bonds will provide funds to construct, equip, renovate and make certain capital improvements to the facilities of the District, including: complete renovation and modernization of Toledo High School with remodel, repair and upgrade of classrooms, kitchen and locker rooms; plumbing, electrical, network, and HVAC repair; replacement of roof, downspouts and flashing; replacement of exterior windows, doors, frames, brickwork and sidewalks; upgrade track and field facility and add new restrooms at stadium; seismic upgrades and replacement furniture and fixtures; upgrade and repairs to Toledo Middle School to include replacement of roof, exterior siding and restroom flooring; upgrade and repairs to Toledo Elementary School including repair and repainting of siding and trim; replacement of kitchen flooring and boiler; and safety, security and capital improvements at all schools. The bonds would be repaid out of annual property tax levies over a period of 21 years. The levy rate is estimated to be $1.94 per thousand dollars of assessed valuation, costing the typical homeowner ($200,000 home) $32.33 per month or $388.00 per year. Explanatory Statement Passage of Proposition No. 1 will authorize Toledo School District No. 237 to borrow up to $12,900,000 by issuing general obligation bonds. In accordance with Resolution No. 2016-17-19 approving this proposition, the bonds will provide funds to construct, equip, renovate and make certain capital improvements to the facilities of the District, including: complete renovation and modernization of Toledo High School with remodel, repair and upgrade of classrooms, kitchen and locker rooms; plumbing, electrical, network, and HVAC repair; replacement of roof, downspouts and flashing; replacement of exterior windows, doors, frames, brickwork and sidewalks; upgrade track and field facility and add new restrooms at stadium; seismic upgrades and replacement furniture and fixtures; upgrade and repairs to Toledo Middle School to include replacement of roof, exterior siding and restroom flooring; upgrade and repairs to Toledo Elementary School including repair and repainting of siding and trim; replacement of kitchen flooring and boiler; and safety, security and capital improvements at all schools. The bonds would be repaid out of annual property tax levies over a period of 21 years. The levy rate is estimated to be $1.94 per thousand dollars of assessed valuation, costing the typical homeowner ($200,000 home) $32.33 per month or $388.00 per year.
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