Approval authorizes the district to issue $127.5 million in bonds to renovate and replace some of our aged and obsolete facilities. Property taxes would be collected to pay principal and interest payments on the debt for 30 years.
Approval will result in an annual increase of $84 per $100,000 of market property value. Sycamore Schools will utilize wrap-around debt structuring to reduce the amount collected to 2.4 mills over the amount currently paid until prior bond issues approved in 1998 and 2010 expire. Once the outstanding bonds are paid off, the millage would remain at not more than 4.0 for the remainder of the 30-year term.