School district seeks levy for new projects as it pays off bond

     The North Iowa School District will seek voter approval this spring to implement a Physical Plant and Equipment Levy (PPEL), which will coincide with the district paying off the bond for the 2003 school renovations. Potential uses for the revenue include energy conservation projects, building repairs and renovations, vehicles, and technology and equipment purchases over $500.

     North Iowa Supt. Cory Myer presented the proposal to the North Iowa School Board during a special meeting held last Thursday. Under the proposal, Myer says that property taxes in the school district would actually go down. He says that in June, the school district will pay off its general obligation bond for the 2003 school building renovations. The district is paying the bond off three years early to save money on interest payments.

     Myer says that taxpayers in the school district currently pay about $1.20 per $1,000 in taxable valuation toward the bond payments for the 2003 project. Once that is paid off, Myer proposed that the school district implement a voter-approved PPEL in July at a rate of $1.00 per $1,000 in taxable valuation. This means that property taxes would decrease about 20 cents per $1,000. Myer says the annual cost of the PPEL for property valued at $100,000 would be $52.09 for residential and $90 for commercial. The cost for agricultural property would be about $1.08 per acre.

     If approved, the PPEL would be valid for a period of 10 years and would bring in about $398,000 per year.

     See full story in this week's Tribune.