WHAT IS A BOND?

A bond is similar to a home mortgage. It is a contract to repay borrowed money with interest over time. Bonds are sold by a school district to competing lenders to raise funds to pay for the costs of construction, renovations and equipment. Many school districts utilize bonds to finance renovations and new facilities.

HOW CAN BOND FUNDS BE USED?

Bond funds can be used to pay for new buildings, additions and renovations to existing facilities, land acquisition, technology infrastructure and equipment for new or existing buildings. Bonds cannot be used for salaries or operating costs such as utility bills, supplies, fuel, or insurance.

HOW DOES THE BOND REPAYMENT LEVY WORK?

The Financials section of this website explains the financial plan in detail. If the new bond issue passes, the district's existing bond repayment and the new repayment will be merged into a single 15-year plan with a stable annual tax levy of 25.9 cents per $100 of valuation.  

Over time, the levy or the term of repayment may be reduced by valuation growth in the community or refinancing bonds to get a more favorable rate.

THE DISTRICT JUST PASSED A BOND. WHY ARE YOU PURSUING ANOTHER BOND?

No one at Weeping Water Public Schools wanted to be in this position, but the HVAC system is broken. For six years, the administration and board of education have explored every possible solution to avoid a full replacement. After working closely with experts and engineers, it’s clear that no alternative will suffice. This project provides an efficient and effective long-term solution to the HVAC problem.

HOW MANY BONDS ARE THE TAXPAYERS OF WEEPING WATER PAYING ON? WHEN DO THEY EXPIRE?

The Weeping Water School District district is paying on an existing bond from 2015.  If the new bond issue passes,  both bonds will be merged into a single 15-year repayment plan with a stable annual levy.

IS THIS THE RIGHT TIME TO RUN A BOND WITH THE CURRENT ECONOMY?

There’s no perfect time to propose a bond issue.  Bond interest rates may be lower in the future, but construction costs are likely to continue to increase.  However, if bond interest rates do fall, we can refinance the bonds, as we have done in the past, resulting in a lower levy or shorter repayment term. 

HOW CAN I GET MORE INFORMATION REGARDING THE BOND ISSUE?

Information will be available via this website and social media. Informational flyers and brochures will be prepared and will be shared throughout the district. If you would like more information, you may also reach out to the school or a board member.