Next we need to discuss how "no additional mills" levies fit into all of this.
When I was on the board, before Olentangy placed its first and only "no additional tax" levy on the ballot, I met with the then-treasurer of a nearby district. This treasurer may have created the first instance of a "no additional tax" levy in Ohio -- a "no additional tax" levy is more strict, so to speak, than a "no additional mills" levy. So he was very informative.
Here's what he explained: When a district wants to run "no additional mills" levies, it must never let it's bond millage rate drop. Never. That is true even if the district does not need the additional revenue to pay back the maturing bonds.
Why? Because if the millage drops, then the district will have to ask for additional mills on the next ballot.
Think of if this way: If the millage required to pay currently maturing bonds dropped below 8.72 mills (say to 7.72 mills), then the district couldn't have claimed it was structuring this next bond issue as "no additional mills." It would have had to say that it was asking for an additional mill. So your taxes did not go down -- you overpaid -- just so that the district could make a nonsense claim.
The district overtaxes residents in order to claim that it is saving taxpayers money. Did you get that?
But it's not saving money. It is taking dollars from your wallet and sitting on them, only to turn around and pretend that it was all for your benefit.
Thanks a lot.
This is another reason why the district is sitting on a year's worth of bond-related tax dollars.
First we learned about the interest benefit. Now we have learned about the slick selling pitch.
With this background, tomorrow we can address the movement of $12.2 million from the building fund to the permanent improvement fund.
-- end part 2 --