What are Bonds & District Additional Assistance Overrides?
Bond. A Bond is a loan the district receives from individuals and/or businesses who purchase the bonds. Bond funds are used to pay for capital items and make capital improvements to existing facilities. Bond funds CANNOT be used for salaries, curriculum, instructional software or learning materials.
District Additional Assistance Override. A District Additional Assistance Override allows the school district to increase its capital budget for a total of seven years. Override funds CAN be used to pay for items such as
curriculum, instructional software and learning materials, that are not supported with bond funds.
Bonds. The $100 million bond program is expected to fund the following projects:
✔ Construct New Performance / Auditorium Facility
✔ Classroom Modernization
✔ Technology, Furniture and Equipment Upgrades
✔ Construct a New Child Nutrition Center
✔ Facilities and Grounds Improvements and Repairs
✔ Energy Efficient (EV) School Buses
District Additional Assistance Override.
The proposed override monies ($1,500,000) are expected to fund the following programs in the first year:
✔ Curriculum Materials and Instructional Software
✔ Classroom and District Technology
How will the money be spent?
How will our taxes be affected?
Bonds. The average annual tax for a home in Osborn is estimated to be $168.93 ($14.08 per month).
District Additional Assistance Override. This is NOT a tax increase.
It’s a continuation of the current Override in place. The average tax for a residential home in Osborn is estimated to be $41.72 ($3.48 per month).
The District will be required to use maintenance and operations funding for necessary facility and site improvements, equipment and curriculum needs. Knowing exactly what would be eliminated is difficult to
determine, but it is expected the reductions will come from all areas of the M&O Budget which will impact class size, instructional programs and staff salaries.