What is a no tax rate increase bond issue?
A school bond issue is a financing tool used by districts to pay for capital projects, such as new buildings, renovations or land purchases. In a bond issue, districts ask voters if they can issue bonds to borrow money to cover the costs of these capital projects, and pay them back with property tax revenue.
In a no tax rate increase bond issue, like Lee’s Summit’s April 2020 bond issue, districts ask voters to hold the tax rate at the same rate in order to fund future facility needs. The district will ask voters on the April 7, 2020 ballot to keep the debt service tax rate at $1.07 in order to fund renovations and additions at multiple school buildings, a new middle school and several other projects.