Increase School Millage 4.3 mills to 44.5 mills
To submit the question of voting a total school tax rate (state and local) of 44.5 mills on the dollar of the assessed value of taxable property located in this School District. The proposed tax includes the uniform rate of 25.0 mills (the Statewide Uniform Rate ) to be collected on all taxable property in the State and remitted to the State Treasurer pursuant to Amendment No. 74 to the Arkansas Constitution to be used solely for maintenance and operation of schools in the State. As provided in Amendment No. 74, the Statewide Uniform Rate replaces a portion of the existing rate of tax levied by the School District and available for maintenance and operation of the schools in the District. The total proposed school tax levy of 44.5 mills includes 25.0 mills specifically voted general maintenance and operation, 15.2 mills voted for debt service previously voted as a continuing levy pledged for the retirement of existing bonded indebtedness, and 4.3 new debt service mills. The 4.3 new debt service mills, plus the existing 15.2 debt service mills now pledged for the retirement of existing bonded indebtedness, which debt service mills will continue after retirement of the bonds to which now pledged, will be a continuing debt service tax until the retirement of proposed bonds to be issued in the principal amount of $15, 000,000, and which will mature over a period of 30 years, and will be issued for the purpose of refunding the District s Refunding Bonds, date September 1, 2016; constructing and equipping a Junior High; renovating and equipping the Gymnasium; and constructing, refurbishing, remodeling and equipping other school facilities. The surplus revenues produced each year by the debt service millage may be used by the District for other school purposes.
