A tax levy passed over 4 1/2 years ago by voters in the Bakersfield R-IV School District will be shortened by five years. As a result, taxpayers in the district are expected to save over $400,000.
In April 2015, a $1.9 million bond issue was approved for the district to construct a new high school. The levy was the equivalent of a 22% tax increase, and it is set to disappear once the building is paid for. Fortunately, the district was able to make prepayments on the bonds, and Bakersfield Superintendent Dr. Amy Britt says the school board restructured the bonds during its November meeting.
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The action taken by the board will result in an overall 2% interest reduction compared to the 2015 bonds. In addition, the district has made smaller prepayments totaling $46,500.
Dr. Britt says the original plan was for the bonds to be paid for 20 years after they were issued.
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Anyone with questions may contact the Bakersfield R-IV School District at 417-284-7333.
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