The Hillsboro School Board on Tuesday authorized administrators to move forward with a plan to refinance a general obligation bond from 2006.
The $169 million bond was broken up into two parts -- one a regular 20-year general obligation bond and the other a deferred interest bond, not due to be paid off until 2026.
Administrators said that by refinancing the latter portion of the bond and paying it off within four years, they could save more than $6.5 million in interest, while keeping the total bond levy rate at its current approximately $2.45 per $1,000 of assessed property value. Once it's paid off, the district's total bond levy rate would drop to about $1.07 per $1,000 of assessed value.
Then in 2019, the district could ask voters to pass a $300 million bond measure. But instead of increasing taxes further, the rate would remain at around $2.45 per $1,000 of assessed value, which costs the owner of a home assessed at $200,000 about $490 a year.
New bond money would pay for the construction of schools in South Hillsboro, a rapidly-expanding community, and upgrade existing facilities. A $25 million bond measure failed last year that would have increased property taxes by 42 cents per $1,000 of assessed value.
The budget committee convened Tuesday to re-approve the budget, reflecting the bond repayment changes. The board is expected to adopt it June 24.
During its regular meeting, school board authorized a $871,000 lease purchase of 650 Apple laptops for all elementary school staff, as promised in next year's approved budget.
Read the entire bond resolution in the district's board meeting packet.