Since I know the members of this forum have all wisdom, there is no need for me to educate myself on the state's laws related to school bond measures. My question is:
If a district passes a bond measure and the accompanying tax rate increase is set to fund full repayment of the bond debt over say a 30 year period and,
- if the population and number of tax parcels doubles over what was present at the time the bond measure was passed and, if the assessment values of these new parcels increase significantly because of rising home prices...
- Is the school district obligated to use the designated bond portion of the tax income to retire the bond early or can they divert those dollars into their general fund and use this bond tax income for other purposes?
In my district, the population has increase by about 150% with the average parcel assessment increase about 50% which means significant increase in school district revenues. Before I go off wondering what they are doing with the bond portion of the tax revenues I would just like to know if there are any statutory restrictions on how that money is spent.
If a district passes a bond measure and the accompanying tax rate increase is set to fund full repayment of the bond debt over say a 30 year period and,
- if the population and number of tax parcels doubles over what was present at the time the bond measure was passed and, if the assessment values of these new parcels increase significantly because of rising home prices...
- Is the school district obligated to use the designated bond portion of the tax income to retire the bond early or can they divert those dollars into their general fund and use this bond tax income for other purposes?
In my district, the population has increase by about 150% with the average parcel assessment increase about 50% which means significant increase in school district revenues. Before I go off wondering what they are doing with the bond portion of the tax revenues I would just like to know if there are any statutory restrictions on how that money is spent.
