•  
    Funding
     

    Funding - Net Cost to the District Taxpayers = $0

     
    Capital Reserve Funds  $ 3,374,000
     QZAB  $17,688,626
     Bonds/Bond Anticipation Notes  $18,787,374
     Total Project Cost  $39,850,000
     
     
    The district projects that 98% of the project qualifies for aid from the state. Of this amount, the aid ratio will be 85.6%. Since the QZAB funds are projected to come in at an interest rate at or below 1%, the district will break even on costs when state aid is taken into consideration.
     
    The table below reflects how the state and federal QZAB aid and credits help the district pay for this project at no cost to the local taxpayer.
     
      QZAB Eligible Project Non-QZAB Project
    Total Construction Costs    $39,850,000   $39,850,000
    Projected Interest Expense QZAB Bonds   $1,693,159   $ 0
    Projected Interest Expense Referendum Bonds   $2,299,478    $4,852,883
     Total Costs Life of Bonds  $43,842,637    $44,702,883
         
         
     Projected State Aid     $40,468,637    $40,468,637
     Capital Reserve Funds   $3,374,000   $3,374,000
     Total Revenue Sources   $43,842,637  $43,842,637
         
     Net Cost to District  $0  $860,246