The Alton School District, like others throughout the state, continues to navigate through tough economic times with the goal of having little to no adverse effects on local taxes. By approving the issuance of up to $2.2-million in debt certificates last night, the district will be able to fully fund the construction of a new sports complex at Alton High School without placing an additional burden on taxpayers.
District Director of Financial Services, Chris Norman, says the move is the same as if the district took out a long term loan.
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The loan will be repaid over a period of fifteen years using money from the Operation and Maintenance fund. Norman says he is also confident that there will be no change in taxes as a result of this move since the O & M fund is capped by state statute He says it would require a voter referendum to raise taxes and that he doesn’t see the district pursuing that avenue at this time.