Page 15 - Preparing For Our Future Brochure

Financing the Plan
OUR NOVEMBER BOND ISSUE

Now is the best time to undertake this comprehensive Master FOR MANY YEARS,
Facility Plan due to the current low interest rates and facility needs.
The Board of Education has placed a Bond levy on the ballot Hudson’s school leaders
November 7, 2017. This Bond will provide funds to construct, furnish, and community
and fully equip a new Middle School as well as renovate or improve members have worked
facilities throughout the District. It will take the support of the entire together to build an
Hudson School Community to implement the Master Facility Plan. effective, long-term
strategy for addressing
It will cost the owner of a $300,000 home approximately $522 aging facilities.
additional per year or $43 per month.
The proposed Master
New Summit County property tax appraisals were just received Facility Plan builds on
by residents. When property values increase due to a reappraisal, a tradition of excellence,
a State law kicks in known as HB920. This law does not allow the and provides an
school district to receive any additional revenue from a school levy. opportunity for all
students to attend school
For example, this Bond will generate $81,550,000 through a 4.97 in new or newly
mills levy. In January 2018, property values will increase. However, renovated spaces that will
this law does not allow the school district to receive any additional serve our community for
revenue from this voted levy. The voted 4.97 mills will be reduced many years to come.
to a millage amount that will generate $81,550,000.

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