Tax payers that live in the Dolores School District got a bit of good news recently.
The school district entered the bond market on January 16 to issue their 43 percent share of the cost for the critical school improvements needed through our district and were happy with the results.
Voters approved Ballot question 3C in November of 2012, the bond will help make improvements at the school and build new science/vocational education classrooms and remove the current building that is falling apart.
This bond issue, together with a $2.6 million BEST grant from the State of Colorado will be used to fund these improvements.
Dolores State Bank purchased the entire bond issue, showing their support for the local schools and community. The bonds were issued at all-time interest rate lows, with an average interest rate of 2.63 percent for a 20-year borrowing. The resulting annual tax increase will be less than the district had conservatively estimated throughout the campaign.
The estimated $3 tax increase on a $100,000 home, which was advertised during the campaign, will actually be approximately $2 per month additional because of the lower interest cost.
"The District thanks everyone for their support throughout this exciting process," said Dolores School District Business Manager Karen Andrews.