Rankin Schools bond vote this week - MSNewsNow.com - Jackson, MS

Rankin Schools bond vote this week

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RANKIN COUNTY, MS (Mississippi News Now) -

The polling places will be up and running this Tuesday in Rankin County. Voters are asked to support a $169.5 million bond issue to build and improve schools.

Two past bond issues are still being paid off. The 1994 bond issue will expire in 2015.

If the current bond issue passes, the district will borrow $110 million on the front end. When the 1994 issue goes off the books, the remainder of the proposed issue will be borrowed, about $59 million.

There's also a 2001 bond issue that will be paid off in the year 2020.

Bonds are typically issued for a 20 year period of time. "We've done some other (new projects) with some 3 mil notes we can borrow. But it's been 10 years since we had a bond issue," says Rankin County School Board President Ann Sturdivant. "The tax millage on this bond issue, even though it's so large, is not going to be as much as it was on the bond issue 10 years ago, because there are more people to pay that."

The district expects the 6 mil tax increase from the proposed new bond issue to last 3-4 years. 

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