Authorization to Issue Bonds to Fund School Construction


NOTICE OF SPECIAL ELECTION
TO AUTHORIZE THE DISTRICT TO ISSUE BONDS
TO FUND SCHOOL CONSTRUCTION / ADDITIONS

A special election will be held on Tuesday, January 29, 2013 in the Indian River School District in accordance with the provisions of Chapter 21 of the Title 14 of the Delaware Code, in order to permit the voters of the District to vote for or against the issuance of bonds in the amount of $4,404,400 to provide funds for the following purposes (State bonds will finance $6,606,600):
The voters of the Indian River School District are asked to approve the issuance of bonds necessary to fund the construction of additional classroom facilities and related activities described in Certificate of Necessity #1436 A-F, as follows:
Cost to construct renovations and additions to the following schools: North Georgetown Elementary; Georgetown Elementary/Middle Complex; East Millsboro Elementary; Phillip Showell Elementary; Long Neck Elementary and Selbyville Middle to include but not limited to planning, construction, and equipping; accessibility improvements; space renovations and reorganization; general building improvement; HVAC upgrades; plumbing upgrades; electrical upgrades; fire alarm system upgrades, parking lot lighting; additional power distribution for technology; and emergency generator; site improvements; asbestos abatement; construction of additional and/or new buildings, classrooms or structures in order to enhance student capacity thresholds; classroom exterior roof replacement; classroom interior modifications and/or repairs associated with previous roof concerns; technology equipment acquisition and installation.

Year
Tax Year (Tax Due 9/30)
Existing Tax Rate
Additional Tax Rate
Total Tax Ratio

1

2014
$0.315
$0.032
$0.347
2
2015
$0.315
$0.032
$0.347
3
2016
$0.315
$0.031
$0.346
4
2017
$0.315
$0.030
$0.345
5
2018
$0.315
$0.029
$0.344
6
2019
$0.315
$0.028
$0.343
7
2020
$0.315
$0.028
$0.343
8
2021
$0.315
$0.027
$0.342
9
2022
$0.315
$0.026
$0.341
10
2023
$0.315
$0.025
$0.340
11
2024
$0.315
$0.024
$0.339
12
2025
$0.315
$0.024
$0.339
13
2026
$0.315
$0.023
$0.338
14
2027
$0.315
$0.022
$0.337
15
2028
$0.315
$0.021
$0.336
16
2029
$0.315
$0.020
$0.335
17
2030
$0.315
$0.019
$0.334
18
2031
$0.315
$0.019
$0.334
19
2032
$0.315
$0.018
$0.333
20
2033
$0.315
$0.017
$0.332

The table at right outlines the additional tax rate and total tax rate per $100 assessed value for the life of the bonds to be authorized by this referendum. To determine the dollar amount of additional tax (for each year) that will result from the passage of the referendum, multiply the assessed value (not market value) of your home by the additional tax rate and divide by 100.
The assumptions used in the calculations are as follows:
• Interest Rate at Time of Each Bond Sales - 5.00%
• Yearly Increase in Assessed Value of Property - 0.0%
• Net total tax effect to be adjusted by previous bond payment
completions and a rate of other taxing categories.
• Represents a one year phase in.
The faith and credit of the Indian River School District is pledged for the full and complete payment of the principal and interest on said bonds. If the District is authorized to issue bonds in the amount of $4,404,400, it shall annually levy and collect taxes to provide for the payment of the principal and interest on the bonds and for the retirement of the bonds as they fall due. Property owners will experience an estimated average tax increase of $0.032 per $100 of assessed value during the 20-year life of the bonds. Also posted is the amount of each annual tax increase that will be imposed as a result of the proposed bond issuance.

The polls for said election will open at 10 a.m. and will remain open until 8 p.m. Voters may vote at the designated polling places within the Indian River School District – East Millsboro Elementary School; Georgetown Elementary School; Indian River High School; Long Neck Elementary School; Lord Baltimore Elementary School and Selbyville Middle School.

You may vote in this election if you are:
• A citizen of the United States and Delaware, live in the Indian River School District, and are at least 18 year of age.
Absentee voting is handled by the Delaware Department of Elections in Georgetown (119 N. Race Street; 856-5637).
Proof of identification (e.g., Delaware driver’s license, Delaware ID card, work ID card with photo and address, U.S. Postal material) is required to vote.

BY ORDER OF THE BOARD OF EDUCATION OF THE INDIAN RIVER SCHOOL DISTRICT, dated: November 27, 2012
By: Charles M. Bireley, President Attest: Susan S. Bunting, Ed. D., Executive Secretary
CP 20130104 4T