Estimated Breakdown of Bond Funds - Where is the money being spent?
The chart below shows the breakdown of the estimated expenses at each building and what those expenses are. Where is the money being spent?
- The high school and the middle school are the primary focus and where the bulk of the funds will be spent. Over 94%.
- Approximately 5% of the funds would be spent at the elementary, primarily in the area of traffic improvements and mechanical updates.
- A small amount is being used at the Early Learning Center for traffic improvements, parking, and air conditioning for the activity area.
With approval by voters of the proposed bond issue, bonds will be issued to provide funding for the construction of the project. The new bonds will be issued with a 25 year term at an estimated average interest rate of 4.13%. In addition, the new bond payments will be wrapped around the districts existing bond payments so that the overall combined bond payment results in the district having to increase the bond and interest mill levy by 10.40 mills. Upon the existing bonds being paid off in 2024, the same mill levy will continue and be required to make the annual payment on the new bonds until they are paid off.
State Aid on Bond Issues:
Under the current school finance formula, the State of Kansas will pay 1% of all principal and interest payments due on the District's proposed bond issue. This fluctuates from year to year and is based on the district's assessed valuation.
Projected Mill Levy Impact:
The current Bond & Interest Fund Mill Levy of the District is 2.40 mills. With voter approval of the proposed school bond election, the mill levy for bond and interest is projected to increase 10.40 mills.
Shall Unified School District No. 445, Montgomery County, Kansas (Coffeyville), issue general obligation bonds in an amount not to exceed $25,800,000, to pay the costs to: (a) construct, furnish and equip renovations and improvements to the Early Childhood Learning Center; (b) construct, furnish and equip renovations and improvements to the Community Elementary School, including but not limited to building, utilities, and transportation improvements; (c) construct, furnish and equip renovations, improvements, and additions to Roosevelt Middle School and Field Kindley High School, including but not limited to building, utilities, site improvements, safety and security, transportation, accessibility, administrative areas, and multipurpose area addition for physical education needs and storm shelter; and (d) make all other improvements appurtenant thereto; all pursuant to the provisions of K.S.A. 10-101 et seq., K.S.A. 25-2018(f), K.S.A. 72-5457, and K.S.A. 72-5458 et seq.?
Tax Impact Calculator
Mill Levy History for the District
The mill levy for the District has been among the lowest in the State of Kansas for many years and well below the mill levy for many comparable or neighboring school districts. Even after passage of the proposed bond election, it is expected that the District’s mill levy will be consistent with, or slightly below, the statewide average mill levy for all school districts. The following table illustrates the mill levy history of the District since 2004. In addition, the table illustrates the total District mill levy after a successful bond project.
For a comparison of local mill rates from the taxing entities, click here. Information is taken from the City of Coffeyville's website.
To see a comparison of county mill rates compared to other counties in Kansas, click here. Information is taken from the
Kansas Department of Revenue website.
Current Interest Rates
Interest rates for municipal bonds are currently well below the average for the past 20 years. Interest rates on municipal bonds recently set a new record low rate for the past 50 years and remain very near the record low. In fact, according to the Bond Buyer 20 General Obligation Bond Index, interest rates on municipal bonds have been higher 86.69% of the time since 1987.