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School board to vote on SPLOST bonds

SUWANEE -- Officials with Gwinnett County Public Schools plan to meet Thursday night to authorize the issuance and sale of $275 million in Education Special Purpose Local Option Sales Tax bonds to be paid back with sales tax proceeds.

In addition the board plans to vote to refinance $35.8 million in existing bonds.

"The refunding (refinancing) will save between $1.4 and $1.5 million interest costs over the next three years," said Sloan Roach, executive director of communication and media relations with the school district. "This action allows the district to take advantage of lower market interest rates."

Gwinnett County's registered voters approved an extension of the education SPLOST Nov. 8 by about 60 percent with a voter turnout of about 14 percent.

Education SPLOST IV is a measure that allows the system to collect a projected $876 million from retail sales to improve technology, build schools and make renovations during a five-year period.

For the past 15 years, Gwinnett County Public Schools has used the education SPLOST to construct 46 schools, helping the district keep up with enrollment growth.

The current one-cent sales tax for education expires on June 30, 2012. Education SPLOST IV will collect from July 1, 2012 through June 30, 2017. Of the projected $876 million, about $17.1 million is earmarked for Buford City Schools through an intergovernmental agreement approved by both systems.

According to Roach, GCPS recently received notice that the district has maintained its Aaa rating, "another factor that allows the district to get the best rates possible."

Roach said GCPS is one of 16 school districts in the nation with a Aaa rating from both rating agencies including Standard and Poor's and Moody's Investors Services.

According to Moody's Investors Services, an Aaa rating is "the highest quality and lowest credit risk" on the bond rating system scale.

The Gwinnett County Board of Education plans to meet at 6:15 p.m. Thursday with a public forum, followed by a monthly business meeting at 7 p.m. at 437 Old Peachtree Road, Suwanee.

For more information, visit www.gwinnett.k12.ga.us.

Comments

BuzzG 2 years, 9 months ago

That's right. Borrow more money. Put out children and grand children deeper in debt.

People used to say "when I get old, I don't want to be a burden on my children." Now we don't wait until we get old. We are building the burden now.

Say no to SPLOST bonds. Say no to mediocre schools. Say yes to school vouchers and school choice.

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Cleanupguy 2 years, 9 months ago

Great, but how exactly do we get from mediocre to excellent? From whence does the money to cover the vouchers come? Confederate money?

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NewsReader 2 years, 9 months ago

"...Confederate money..."? Really? Stop trying to be sarcastic. You're not very good at it. If you seriously want to get from mediocre to excellent, start with having the money follow the child. It's not your money. It's not my money. It's not the Government's money. It's the child's money. Attach the money to the child, and the rest will fall into place.

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Mack711 2 years, 9 months ago

The childs money is being spent by the government who got that money from us the taxpayer to be used for that child. What may be in question is how the BOE (government0 uses the funds to benefit the child.

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dman 2 years, 9 months ago

Vote for or against...it is your choice. However, if it gets voted in and you still want to revolt against any SPLOST, then DON'T buy anything in Gwinnett. SPLOST is a Sales Tax...not a property tax. While I might not like all the schools or the way they are run, my taxes for a public school system and my kids will be going to them for 12 years. I went to school in Gwinnett County schools...I knew what I was getting into...that is why chose to stay, live and work in Gwinnett. If you don't like your particular school...try getting involved. If that doesn't work, you always have the choice to move to another district. That is why we have freedom. Everyone, Be Safe out there!

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Cleanupguy 2 years, 9 months ago

Thanks for the kind insightful opinion, well worth what was paid for it. Speaking of which, I pay school taxes but have no kids - to which ones is my money attached? All along I kinda thought it was my money that the government had removed from me.

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news2me 2 years, 9 months ago

Your money is attached to an illegal - anchor child. Does that make you feel better?

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Cleanupguy 2 years, 9 months ago

Not so in my neighborhood, but long live the 287(g) we fought for!

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news2me 2 years, 9 months ago

Not in my neighborhood either, but don't believe for a second that illlegals are leaving. There is always a way to screw the system and the taxpayers:

http://www.cbsatlanta.com/story/14974130/illegal-immigrants-prepare-to-leave-kids

GCPS enrollment increased this year and the forecast is for continued increases in population. Your tax dollars may also help to educate children from Atlanta Public Schools and Dekalb, if that makes you feel better.

Have none of these people said Thank You for your money?

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dentaldawg83 2 years, 9 months ago

would MUCH rather this money be spent locally as it will be. Big difference in an underacheiving blaoated Federal govt sucking our economy dry and a local govt spending the money on a very necessary thing like schools.

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Mack711 2 years, 9 months ago

If these funds that are being taken from us the taxpayer to educate the illegal population then we have a right to compain. Yet it is felt that no one is interested in hearing about this situation. At this time how much tax payer money that they collect in property taxes are being used for this purpose. Several have said that if a child is born here to parents that are here illegal then that child should be considered an illegal as well. However the law does not look at it that way. We must change the law to ensure that all are here legally. News to me under clean up guy above read the web site that your refer to in your post. This may be a problem in now and more so in the future.

news2me54 minutes ago

Not in my neighborhood either, but don't believe for a second that illlegals are leaving. There is always a way to screw the system and the taxpayers:

http://www.cbsatlanta.com/story/14974130/illegal-immigrants-prepare-to-leave-kids

GCPS enrollment increased this year and the forecast is for continued increases in population. Your tax dollars may also help to educate children from Atlanta Public Schools and Dekalb, if that makes you feel better.

Have none of these people said Thank You for your money?

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dentaldawg83 2 years, 9 months ago

Mack..look around..to me a lot of illegals aren't here anymore..I would rather a few illegals who slipped through the cracks get a little bit thereby insuring our children get the benefits of the money, than nobody benefitting at all..

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