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Date Posted: 04:54:38 10/13/07 Sat
Author: jim
Subject: here we go again, y'all get ready for Feb ballot.

Voters to decide on school construction bond

By LAURA DIAMOND
The Atlanta Journal-Constitution
Published on: 10/11/07
Gwinnett County school leaders decided Thursday to ask voters to approve a bond to pay for more school construction.

School board members authorized Superintendent J. Alvin Wilbanks to begin the process to place a school bond referendum on the Feb. 5 ballot.

School leaders have been saying for more than a year the district would need to sell bonds to raise enough money to have classroom space for all its students by 2014.

Last November, voters approved extending the special-purpose local option sales tax to raise money for school construction. But that will pay for just part of the system's long-range construction plan.

The district projects getting as much as $1 billion from the tax, but Wilbanks said the system will need more than $2 billion.

The bonds would provide an additional $700 million, he said. The system plans to ask voters to approve another special-purpose local option sales tax later.

Money from the bonds would enable the system to build one new school and additions at eight existing schools, district spokeswoman Sloan Roach said.

Wilbanks said the system would pay off the bonds without raising taxes.

The district has been paying off previous bonds through the debt service fund in the tax rate. Those bonds will soon be retired, but by keeping the debt service rate of the tax the same, the system will have revenues in hand to pay off the new bonds, Wilbanks said.

Find this article at:
http://www.ajc.com/metro/content/metro/gwinnett/stories/2007/10/11/bonds_1012_web.html

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