Lawrence school district could borrow up to $113 million for building improvements without tax increase, leaders learn

Members of the Lawrence school board don’t yet know what upgrades they’ll want to make to elementary schools in the coming years, but at least now they understand that a tax increase likely won’t be part of the calculations.

Monday night, board members learned that the Lawrence school district could borrow as much as $113 million in the next few years and still not boost the district’s property-tax rate for capital projects beyond its current level.

Board members asked for and received the information as part of their preparations for recommendations from the Lawrence Elementary School Facility Vision Task Force. The 24-member group is busy preparing a “community vision” for district elementary schools, including a list of recommended improvements that could include renovations, expansions or new construction.

The recommendations are due by February.

“We’re in a really good spot to maintain our buildings in top shape,” said Rich Minder, board president.

Kathy Johnson, the district’s division director for finance, compiled financial data from district bond issues dating back to 1986, when the district borrowed $8.6 million to build Quail Run School and finance additions to three others. Those bonds have been paid off, and other bonds have been sold, refinanced and paid off since then.

The district is in a “really good position,” Johnson said, because much of the district’s debt will be coming off the books in the coming years. The district could borrow another $36 million in the 2012-13 school year, plus another $77.8 million in 2014-15, and still not increase the district’s tax rate for such work.

Were the board to pursue borrowing less money — any bond issue would require approval by voters — the district’s tax rate for capital projects would be expected to decrease, she said.

Board members said they had no intention of seeking a bond issue for $113 million. Whether they go for less will be a discussion point late this winter and into spring.

“I’m going to wait to see what the task force recommends,” said Mark Bradford, board member.