Five Major Building Projects...

Th e Cabell County Board of Education has sel-eceted the following fi ve projects to be included in the Bond Election:

A new elementary school combining the populations of the current Cammack and Miller elementary schools. Th e projected cost is $7,563,833. Th e new school would be home to approximately 381 students in grades Pre-K through 5, and would be located on the current Cammack property.

A renovated middle school combining the populations of the current Cammack and West middle schools. Th e projected cost is $16,203,334. Th e school would be home to approximately 595 students in grades 6 through 8, and would be established through an extensive renovation of the cur-rent Cammack Middle School structure.

A new Barboursville Middle School housing the population of the current Barbours-ville Middle School. Th e projected cost is $16,763,688. Th e school would be home to approximately 802 students in grades

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Proposed Projects for the Bond Election...

6 through 8, and would be located on the current Bar-boursville Middle School site.

A new Milton Middle School housing the population of the current Milton Middle School. Th e projected cost is $17,924,145. Th e new school would be home to approximately 659 students in grades 6 through 8. A site for the school will be determined at a later date.

A new Martha Elementary School housing the growing population of the current Mar-tha Elementary School. Th e county is seek-ing partial funding from the WV School Building Authority, and is proposing that $2,000,000 of the total cost be included in the Bond Election. Th e new school would be home to approximately 253 students and would be located on the current Martha site.

Th e total cost for all projects included in the Bond Election is estimated to be $60,455,000.

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By the time taxes are collected as a result of the Bond Election, Cabell County taxpayers will have paid off a bond issue approved fi fteen years ago that allowed the county to build two new high schools, Cabell Midland High School and Huntington High School.

Th e new bond issue will hold tax levy rates to a level close to what taxpayers have been paying during most of the past fi fteen years.

For instance, in fi scal years 2004 and 2005, Class II property owners paid a levy rate (cents per $100 of assessed values) of 15.80 and 16.00 respectively. If approved, the rate for Class II property as a result of a new bond issue would be 18.32. Th is is based on the current assessed values.

Of course, that is based on the maximum inter-est rate of 7%. Th e rate could be lower based on market conditions at the time the bonds are sold. For example, based on the market rate quoted September 16, 2005, Class II property owners would have paid a levy rate 15.18, lower than what they have paid the past few years.

We have included a chart on the next panel so you can compare.

Please Make Your Voice Heard

January 28, 2006!

rent Cammack Middle School structure.

housing the population of

Will My Taxes Be Raised?

The 2006School BondElection

Th e 1991 Bond...

Th e bond issue for 1991 was for $45,000,000 at a maxi-mum interest rate of 9.5% (In 1991, the bonds were sold at 6.5% for the 15-year period. Th e bonds were refi nanced in 1997 at a lower rate of 5.3%).

Property Levy Rates (By Fiscal Year)

2004 Class I - 7.90 cents per $100Class II - 15.80 cents per $100 (owner occupied)Class III/IV - 31.60 cents per $100 (rental/business)

2005 Class I - 8.00 cents per $100Class II - 16.00 cents per $100Class III/IV - 32.00 cents per $100

2006* Class I - 4.47 cents per $100Class II - 8.94 cents per $100Class III/IV - 17.88 cents per $100* 2006 rates are lower because surplus tax collections are available to pay off the 1991 bonds early.

Th e Proposed Bond...

Th e proposed bond issue is for $60,455,000 at a maximum interest rate of 7%. If current market conditions continue, taxpayers should see bond levy rates at or below what they have been paying for most of the last 15 years.

Property Levy Rates (Fiscal Year 2007)

If market is at the maximum rate of 7% when bonds are sold (the highest possible rate):

Class I - 9.16 cents per $100Class II - 18.32 cents per $100Class III/IV - 36.64 cents per $100

If market is at estimated interest rate of 4.15% (simi-lar to today’s rate) when bonds are sold taxes would be lower:

Class I - 7.59 cents per $100Class II - 15.18 cents per $100Class III/IV - 30.36 cents per $100

Note: Homestead exemption applies to bond levies.

2850 5th AvenueP.O. Box 446

Huntington, WV 25702

(304) 528-5000http://boe.cabe.k12.wv.us

Discrimination Prohibited! As required by federal laws and regulations, the Cabell Coun-ty Board of Education does not discriminate on the basis of sex, race, color, religion, disabil-ity, age and national origin in employment or in the administration of any of its educational programs and activities. Inquiries may be referred to the County Title IX Coordinator, 2850 5th Avenue, Huntington, WV 25702, phone: 528-5188; or to Kathy McCoy, Section 504 Coordinator, 2850 5th Avenue, Hunting-ton, WV 25702, phone: 528-5200; or to the West Virginia Elimination of Sexual Discrimi-nation Project Coordinator, (304) 558-7864; or to the United States Department of Educa-tion Offi ce of Civil Rights, (202) 720-5964; TTY (202) 402-0216.

Saturday, January 28, 2006

Bond Election Comparison