QPS business manager: working cash bonds won't raise taxes
Fri, 10 Feb 2012 03:39:10 GMT —
The business manager for the Quincy Public School District says issuing $6.2 million in working cash bonds will not raise taxes.
Thursday night, the district's PTA hosted a free seminar about the ballot issue at Central Baptist Church.
QPS Business manager Bud Martin explained that the school district currently has two ongoing debts that are addressed annually by short-term borrowing.
The working cash bonds would eliminate the debts, remove the need for short-term borrowing and restore $30,000 to $40,000 annually to the district's education fund.
Martin said the working cash bonds would not create additional debt.
They would simply help the district deal with an already existing debt.
He said, "There seems to be a misunderstanding that selling these bonds is a budget fix. It's not a budget fix. These bonds have to do with cash flow issues for the district."
The PTA and League of Women Voters of Adams County will host another seminar on the working cash bonds.
It will take place on February 21st at 7 p.m. at Quincy University's Hall of Fame room.
The issue goes to voters in the March 20 primary election.