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New Bloomfield schools need tax levy hike for debt service

New Bloomfield schools need tax levy hike for debt service

July 22nd, 2011 in News

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.