WAUSEON - The Wauseon Exempted Village school board unanimously approved a resolution yesterday requesting special approval for more debt.
The school board has just over $10 million in debt now.
The board's proposed bond issue would increase its debt to more than 9 percent of the district's valuation, which is the threshold for a requirement for special approval from the state tax commissioner and superintendent of public instruction.
Wauseon's valuation, for this purpose, is almost $171 million, which is the amount that the Fulton County auditor's office says is the total value of the taxable real estate in the school district. That figure does not include the value of business machinery or inventory, which is included in some valuations for other uses.
The board is expected on Friday morning to take one of its first official votes toward putting a bond issue on the November ballot to construct a new building for third through eighth grades that would replace Elm Street Elementary School and Burr Road Middle School.
Aug. 24 is the deadline for such a request to be filed with the county board of elections.
Superintendent Marc Robinson said yesterday that he did not yet have a proposed amount for the bond issue request.
But he said it might be in the $18 million range. He had given the board examples weeks ago of a $13.6 million bond issue and an $18 million bond issue and he said yesterday that the figure likely will be closer to the higher example.
To raise $18 million, the district would need a 6.34-mill, 28-year issue that would cost the owner of a $100,000 home an extra $194 per year.
That choice, if approved by voters, would mean a 12 percent to 13 percent increase in total annual real estate taxes in the school district.
The board, which met behind closed doors for more than a half hour to discuss the possible purchase of real estate yesterday, has narrowed its choices for a site for the proposed school to two parcels in the city of Wauseon, Mr. Robinson said. He said he expected the board to make an offer on land next month.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.