On May 19, 2020, voters in the Centennial School District approved a $65 million bond, requiring a tax rate of $1.19 per $1000 of assessed property value for bond repayment.
Since the measure was approved, the school district received a matching grant of $7,464,690 from the state. A simple majority was required for the approval of Measure 26-208. The school district will have paid off older bond obligations before these bonds are issued. This means that the property tax to repay the bonds will not increase the existing rate of $1.19 per $1000 of assessed property value.
Text of measure
The ballot question was as follows:
Shall the District issue $65,000,000 bonds for school security and facility improvements and receive a $7,494,690 State matching grant? If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.
The ballot summary was as follows:
“ It is estimated that this measure would not increase current tax rates due to the expiration of existing debt.
The State awarded Centennial School District No. 28Jt a $7,494,690 matching grant if the bonds are approved. If bonds are not approved, grant funds will be distributed to another district.
If approved, the bonds will fund school facility capital projects, including:
- Repairing and replacing roofs, boilers, foundations, windows and flooring, and other school facility improvements
- Upgrading school safety and security systems
- Adding gymnasiums to four schools that have no dedicated gyms
- Repurposing Oliver Elementary back into a middle school, including library, science, locker rooms and career technical improvements
- Refinancing existing capital obligations and paying bond issuance costs
Bonds would mature in 30 years or less from issuance date and may be issued in one or more series. The existing tax rate of approximately $1.19 per $1,000 of assessed is projected to continue with no expected increase. Actual levy rates may vary based upon interest rates incurred and changes in assessed value.
Proposed bond projects
The Centennial School District 28J proposed the following projects to be funded by the bond:
- re-purpose Oliver Elementary School as a middle school;
- build gymnasiums for Meadows, Parklane, Patrick Lynch, and Powell Butte Elementary Schools;
- repair roofing;
- repave school parking lots;
- update drainage systems; and
- modernize heating units.
Centennial School District 28J
As of April 2020, Centennial School District 28J consists of 10 schools that served approximately 6,000 students in the 2018-2019 academic year. The total revenue for the 2019-2020 school year was estimated to be $72,484,310.
Visit www.csd28j.org/2020bondupdates to continue along with progress and bond project updates.