New Bloomfield schools need tax levy hike for debt service

The R-3 School Board of Education learned Thursday night a 20 cent hike in the New Bloomfield district's tax levy is necessary to fund current school bond issue payments.

Tom Pisarkiewicz of LJ Hart & Co., the St. Louis firm hired by the board to sell its general obligation bonds, said the shortfall in revenue for the district's debt service fund was caused by the current economic downturn that reduced revenue going into the fund.

The bonding firm earlier had estimated annual revenue growth each year in increased property tax collections but the economic downturn the last three years has not produced the amount of money for the debt service fund as anticipated.

To help the tornado-stricken people of Dumas and surroundings, donations can be made to the Delta Area Disaster Relief Fund, care of the Delta Area Community Foundation, P.O. Box 894, Dumas, AR, 71639, or through the Arkansas Community Foundation, 700 S. Rock St., Little Rock, AR, 72202.