BOND Versus LEVY: Understanding the Difference There is a significant difference between a bond issue and a levy such as the Permanent Improvement Renewal Levy on the May 6th ballot. PI money pays for property, assets or improvements with a life or usefulness of five years or more such as building maintenance, curriculum resources and transportation purchases. This money cannot be used for salaries and benefits. The Board of Education is not asking for money to build new facilities on May 6th. If that were the case, the district would have a bond issue on the ballot. Revenue raised from a bond issue can be used only for capital costs such as new school construction and/or certain building renovations. The district remains in its planning stage with its facilities project. The BOE faces new decisions since the state recently notified the district that it is not likely to receive state funding this year as expected. We are at the bottom of the Ohio Facilities Construction Commission’s priority list. Please don’t blur the lines of a bond issue and a levy. Each is unique with specific funding expenditures permitted. This PI Renewal Levy provides critical funding for maintenance and upkeep that protects our investments.
Posted on: Tue, 29 Apr 2014 18:53:13 +0000
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