October 22, 2014

Bond election nears

By STU MERRY

In less than two weeks voters will head to the poll to cast their ballots in the General Election. While there are numerous state and county posts to be determined as well as eight measures, one issue has a particular local focus for Garrison – the school bond issue.

On the table is a $5.9 million bond issue that will, if approved, see expansion and upgrades to both the elementary and high school campuses.

The McLean County auditor's office has estimated projections based on $5.9 million bond, using a 3 percent and 3.5 percent rate with a 20-year payout. The annual payments would be $392,652 and $410,616 for the 3 percent and 3.5 percent rates.

Estimated projections:

On a $100,000 residence ($4,500 taxable value) the tax per year would be $101.25 at 3 percent and $105.89 at 3.5 percent.

For a $100,000 quarter of land ($5,000 taxable value) the tax per year would be $112.50 at 3 percent and $117.65 at 3.5 percent.

A $200,000 residence would be twice as much as a $100,000 residence.

A $50,000 residence would be half as much as a $100,000 residence.


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