Transcript Capital Improvement Funding - Aiken County Public School

Capital Improvement
Funding
State of the District Facilities
 50% of Aiken County Public Schools are
between 40 and 60 years old.
 Leavelle McCampbell Middle School is
93 years old.
 Aiken County Public School District has
5.9% of its classrooms in portables, state
average is 0.8%.
 Maintenance costs of aging facilities
increase each year.
Current Funding Mechanism
 The District issues bonds on an annual basis to fund
capital projects.
 Bond issuance limited to 8% of the Aiken County tax
base, which generates approximately $17.5 million
per year.
 Only approved funding mechanism available to pay
for the bonds, up to 8% limit, is through collection of
property tax.
 Bond proceeds used for cyclic maintenance,
building construction, additions, and renovations.
 Projects scheduled in accordance with Five Year
Facility Plan.
How to Increase Current
Funding Level
 Bond capacity, under the 8% limit, can
be increased by:
• Growth in tax base
• Pay off debt quicker
 Can exceed 8% limit by successful
bond referendum.
An Option
 Education Capital Improvement Sales
and Use Tax Act
 1% sales and use tax for facility
maintenance and construction ONLY
 Sales and use tax must be approved by
successful referendum
Details
 No portion of Aiken County can be subject
to more than 2% total local sales tax.
 Tax can be imposed for up to ten years.
 Minimum of 10% of sales and use tax
collected must be used to provide a credit
to taxpayers against their existing property
tax.
 Total debt service on bonds issued, during
tax imposition, cannot exceed 90% of sales
and use tax estimated to be generated.
Advantages
 Sales and use tax will generate
approximately $16-$21 million annually.
 About 1/3 of the $16-$21 million will be
generated by non-Aiken County
residents.
 Some items exempt from sales and use
tax
How the District Will Put It To Use
 The tax will be imposed for 10 years.
 Using provisions of the Act, expect
about $125 million for capital
improvements through bond issuances,
if approved, over the10 yrs.
 The tax proceeds are being integrated
with the existing Five Year Facility Plan
monies.
AIKEN HIGH SCHOOL
1953
2013
2018
2021
Completed
Completed
Cafeteria &
Classroom
Bldg.
Science &
Math Wing
2024
Completed
Admin
Offices &
Classroom
Building
2023
2024
Completed
Auditorium
Wing
Completed:
CATE Wing
Relocate:
Field
NORTH AUGUSTA HIGH SCHOOL
1968
2015
2018
Completed
Science &
Tech Wing
Completed
Media Ctr,
Admin Offices
& Cafeteria
2020
Relocate:
Field
2024
2022
2024
Completed
Completed
General
Classroom
Buildings
Fine Arts
Wing &
New Gym
Completed
Renovations
of Existing
Structures
(Gym &
Auditorium)
RIDGE SPRING-MONETTA K-12
1952
2014
2021
2019
2022
Completed
Completed
Completed
New Middle
School
Grades K-5
Wing
Grades 9-12
Classroom
Wing
2022
Completed
Auditorium
Relocate
Playing Field
LEAVELLE-MCCAMPBELL MIDDLE SCHOOL
1920
2015-2017
Complete
All Phases of New
School at New
Location
1966
“We will work to preserve
the beauty and history of
Leavelle-McCampbell
Middle School.”
-Dr. Elizabeth Everitt,
Superintendent
THE AIKEN COUNTY CAREER AND
TECHNOLOGY CENTER
2023-2025
CATE
Classrooms
CATE
Classrooms
As funding
is available
As funding
is available
EDUCATION CAPITAL IMPROVEMENTS SALES
AND USE TAX ACT REFERENDUM FOR AIKEN COUNTY
Shall The Consolidated School District of Aiken County, South Carolina (the “School District”), impose a special one percent education
capital improvement sales and use tax (the “Tax”) in Aiken County (the “County”) for ten years with the revenue of the Tax to be used
by the School District as follows:
(1)
(2)
(3)
10% of the revenue from the Tax must be used to reduce property taxes by providing a credit against existing debt service
millage within Aiken County on general obligation bonds of the School District;
90% of the available revenue from the Tax after deducting 10% of the revenue identified in (1 )above, must be used to provide
a credit against millage imposed in he County for debt service as follows:
(a) by the School District (in the event a companion question on a dependent bond referendum should be unsuccessful)
for retiring or defeasing existing or future eight percent bonded indebtedness during imposition of the Tax; or
(b) by the School District for debt service on one or more general obligation bond issue(s) not to exceed in the aggregate
$125,000,000, which shall be issued by the School District to facilitate construction and funding flexibility in an effort to
lower construction costs, the proceeds of such bonds to be used to pay some or all of the costs of constructing and
equipping additions, renovations and improvements to North Augusta High School, Aiken High School, Ridge SpringMonetta High School and Elementary School, and the Aiken County Career and Technology Center, and constructing
and equipping a new Leavelle McCampbell Middle School; provided that the total debt service on such general
obligation bonds shall not exceed 90% of the available revenue received from the Tax?
The balance of the revenue from the Tax must be used to provide additional property tax reductions or to pay directly or
indirectly a portion of the capital costs of the projects identified above
All revenue received by the School District from the Tax will be used to reduce property taxes needed to pay debt service on School
District bonds or to directly pay costs of education capital improvements projects of the School District identified herein.
Yes [
]
No [
]
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square
after the word “Yes,” and those voting against the question shall deposit a ballot with a check or
cross mark in the square after the word “No.”
OFFICIAL BALLOT, REFERENDUM
$125,000,000 GENERAL OBLIGATION BONDS
THE CONSOLIDATED SCHOOL DISTRICT OF AIKEN COUNTY, SOUTH CAROLINA
NOVEMBER 4, 2014
If and only if an Education Capital Improvements Sales and Use Tax is imposed in Aiken County,
shall the Board of Education of the Consolidated School District of Aiken County, South Carolina
(the “School District”), be authorized to issue, in addition to the eight percent bonding capacity,
at one time or from time to time, general obligation bonds of the School District in a principal
amount not exceeding $125,000,000, the proceeds of which shall be used to finance the costs of
constructing and equipping additions and improvements to North Augusta High School, Aiken
High School, Ridge Spring-Monetta High School and Elementary School, and the Aiken County
Career and Technology Center, and constructing and equipping a new Leavelle McCampbell
Middle School?
If a voter wishes to vote in favor of the question, place a check or cross mark in the square after
the words “In favor of the question;” if the voter wishes to vote against the question, place a
check or cross mark in the square after the words “Opposed to the question.”
In favor of the question [
] [Yes]
Opposed to the question [
] [No]
Thank You!
Questions:
email
[email protected]
or call (803) 641-2639