September 12, 2024
Referendum
Will taxes decrease when Belvidere North High School bonds are paid off?
Belvidere School Board #100 is debating that issue right now.
If you recall North was built during the housing boom to provide adequate classrooms for ten years. The boom busted and our school district with 9000 plus students now has approximately 7500 with projections of little growth in school age population for years.
North was built with capital appreciation bonds which had large increased payments as the projected new homes came on the tax rolls. That never happen but the taxpayers did have an “out”. In 2012 voters approved a 1% sales tax referendum which paid the increased bond payments and kept the tax rate stable.
In 2028 the Belvidere North bonds will be paid off. But District 100 has plans to borrow more for a list of projects even before that date. The most disturbing thing is that they may do so without the approval of a public referendum and do so this year.
In 2008 district petitioners convinced the Board of Education to stop such an attempted “back door referendum”. As prescribed by law, thousands of voter signatures on a prescribed petition form were needed to force a referendum on that bond request. If the board attempts the same now, will enough petition signers come forth in the limited time allowed by law and stop the tax extension?
The district has a number of other sources for building projects. There is a year’s worth of excess funds in non-capital funds. Most school districts have only 90 to 120 days in excess funds. With school board approval some of these funds could be used for building projects. When the Belvidere North Bonds are retired the school sales taxes (currently $800,000 per year) would be available. Impact fees from the city and county are also possible. The City of Belvidere just delivered a $520,000 check for the last three years of impact fees. Nonetheless the board is still considering various backdoor referenda.
Should taxpayers be alarmed? On September 5 the board had a two-hour meeting regarding funding options for large capital projects (available at https://www.youtube.com/watch?v=vKTbeigSVG0). On September 16 the actual projects and timing will be discussed at Central Office, 1201 5th Ave, Belvidere, 6:00 –7:30PM. Please spread the word and talk to your school board members. Express your opinion. Soon the board may make its decisions and your opinion will have no weight.
I am not opposed to any specific project but the people’s voice through a referendum is the proper means to continue the Belvidere North tax rate.
Bill Pysson
