The Versailles School District board of directors is asking voters if they want to take advantage of nearly interest-free bonds — due to being subsidized by federal stimulus money — to build a $5.5 million fine arts center and make $3 million in repairs and remodeling to the school buildings.
Approval would mean the school tax levy rate would increase by 25 cents per $100 of assessed valuation.
The Versailles School District currently levies real and personal property at a rate of $2.75 per $100 of assessed valuation. If passed, the levy would increase to $3 per $100 of assessed valuation.
School board member Mark Sherman of Laurie has said, “This is an opportunity to get interest free bonds. In the long run, you’re saving $4 million in interest.”
According to superintendent Jeff Carter, fine arts students are being squeezed by the No Child Left Behind Act. As those requirements grow, it reduces the opportunity for those students to participate.
“To their credit, the Royal Theater does such a good job of booking its venue, it leaves us with having to pack up each night when we use it for rehearsals because there’s always someone else coming in,” Carter said. “If you can do it all now — how often have you heard of interest free loans?”
Morgan County, Mo. —
