School Board Approves Bond Sale
The New Prague School Board approved the sale of two Bonds worth more than $18 million for the construction of an addition to the existing High School.
The Bonds, valued at $8,475,000 and $9,700,000, will be sold on December 15. Closing dates have been set for December 29, 2005 and January 11, 2006.
Since the November 8 election, when the High School addition passed with 60 percent of the vote, District #721 residents seen the cost of the Bonds decrease by nearly 25 percent.
"The cost to the tax payer has dropped significantly over the past few weeks because we've received updated tax-base figures from the county as well as lower-than-expected interest rates for the Bonds,^TM said District Finance Director Rod Zivkovich.
Prior to the election, the cost of the Bonds for a residential homestead with a taxable market value of $200,000 was at $57 per year. That figure is now at $44 per year, a drop of 23 percent.