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New Cost Estimates For Pettisville School




For the owner of a home valued at $100,000 in the Pettisville Local School District, the cost of a new school building would be about $20 per month, or $240 a year.

That’s if the Pettisville School Board opts to pay back bonds with a property tax, not an income tax, or a combination of the two.

For a senior citizen 65 and older who owns a $100,000 home, the estimated cost would be $15 a month, or $180 yearly.

In a press release following the district’s Monday night, July 21 special meeting, Pettisville District officials estimated that to build the new school, the district would have to sell $4,830,000 in bonds.

District officials and the dis- trict’s bond underwriting firm estimate the interest rate on those bonds will be 5%. They will be retired over a period of 28 years.

The millage required to retire the bonds is 7.86, estimates say.

The board took another step toward building the new school by passing a resolution of necessity for a new building bond issue.

With the approved resolution in hand, the board can ask Nancy Yackee, county auditor, to determine the property tax millage needed to fund the bond issue.

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The Pettisville School Board is pursuing the construction of a new school with funding from the Ohio School Facilities Commission.

The commission uses funding from the state’s tobacco settlement to provide the bulk of money to build new schools all over the state.

Total projected cost of the proposed new building is about $21.4 million. The OSFC will pick up 82% of the cost, or about $17.5 million.

Pettisville must pay 18% of the cost, about $3,853,894, plus $976,106 in “locally funded initiatives,” or options desired by the board but not covered by the OSFC.

That makes Pettisville’s total estimated share of the school project $4,830,000.

The OSFC also requires district voters to pay an additional half-mill (.5) to maintain the new building. That half-mill is included in the 7.86-mill estimate.

Steve Switzer, district superintendent, said in an email message that once final figures are received from Yackee, the board “will be able to place the issue on the November ballot if they so choose.

“It is anticipated that that action will be taken at the regular meeting, Monday night, Aug. 11,” he said.

For the district to receive the state funds, registered voters residing in the district must vote to approve the bond issue and property tax or income tax levies that will be used to repay the bonds.

Public Meetings

Switzer said the board set up dates for public meetings on the proposed new school.

“It is the intent during these sessions to explain the issue and seek input as to what the public would like in a new facility,” he said.

All meetings are to be held at the Pettisville School building.

Dates are: •Tuesday, Aug. 12, 7 pm •Thursday, Aug. 14, 7 pm •Friday, Aug. 15, 10 am

•Monday, Sept. 8, 7 pm

Switzer said an information booth will be set up during the elementary school open house, set for 6:30 pm to 7:30 pm, Tuesday, Aug. 19.

The vote was unanimous, with Dan Bruner, board member, absent.


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