What's on the Ballot?

A vote to refund, or refinance, existing bonded debt, and to issue new bonds for construction projects, all without raising the current millage rate paid by Pulaski County taxpayers. The three existing bonds will be paid off, and the remaining revenue from the newly approved, or proposed, bond issuance will be used to fund various building projects. The final maturity date is February 1, 2048, which is the current expiration date of the District’s 14.8 debt service mills.

Who does it impact?

How long will it last?

Whereas the existing bonds mature between 2032 and 2035, the proposed bond will have a maturity date of 2048.

How will the money be used?

The proposed bond issuance is $130,425,000, maturing over a period of 26 years. The total outstanding debt to be refunded is $46.5 million. The total amount of revenue dedicated to the building/improvement fund is $80 million. The remaining funds will be used to pay for cost of issuance and escrow contingency.

Questions?

Please email any questions related to the November ballot initiative to communication@pcssd.org.

Sample Ballot Language

OFFICIAL BALLOT
For Annual School Election in
PULASKI COUNTY SPECIAL SCHOOL DISTRICT
Pulaski County, Arkansas
November 2, 2021
PRECINCT 1

  1. Vote by placing the appropriate mark ( ) opposite the person for whom you wish to vote. Vote on amendments, acts, and measures by placing the appropriate mark ( ) either FOR or AGAINST the amendment, act or measure.

  2. Your vote for a candidate and/or ballot measure will not be counted if you mark more than one oval in that particular race or measure.

  3. If you make a mistake on your ballot, return it to an election official for a replacement ballot. You may replace up to two ballots in an election.

40.7 Mill School Tax

The total proposed school tax levy of 40.7 mills does not represent a rate increase from the rate presently being levied. The total tax rate proposed above includes the uniform rate of tax of 25.0 mills (the "Statewide Uniform Rate") to be collected on all taxable property in the State and remitted to the State Treasurer pursuant to Amendment No. 74 to the Arkansas Constitution to be used solely for maintenance and operations of schools in the State. As provided in Amendment No. 74, the Statewide Uniform Rate replaces a portion of the existing rate of tax levied by this School District and available for maintenance and operation of schools in this District. The total proposed school tax levy of 40.7 mills includes 25.0 mills specifically voted for general maintenance and operation, 0.9 mill voted for dedicated maintenance and operation dedicated specifically for technology purposes, 14.8 mills voted for debt service previously voted as a continuing levy pledged for the retirement of existing bonded indebtedness. The 14.8 existing debt service mills now pledged for the retirement of existing bonded indebtedness, which debt service mills will continue after retirement of the bonds to which now pledged, will be a continuing debt service tax until the retirement of proposed bonds to be issued in the maximum principal amount of $130,425,000, and which will mature over a period of 26 years and will be issued for the purpose of refunding certain prior bonds of the District and erecting and equipping new school facilities and making additions and improvements to existing facilities. The surplus revenues produced each year by the debt service millage may be used by the District for other school purposes.

FOR
AGAINST