In taking a

closer look at the Fayette County Board of Education's

bond issue as it is expected to appear on the Nov. 7

ballot, it seems the board has produced a referendum

which is friendly to everyone.

In a feat many would have

called impossible, the board has put together a package

that will allow the school system to get needed funds up

front, take on a relatively short-term debt, and

keep the schools' portion of our tax bills relatively

stable for the next 10 years.

Demonstrating finesse,

creativity, and a refreshing take on the pulse of the

people, the school board has created a funding package

which is sure to be a vote-getter.

In what initially seemed a

shocking move, the Board of Education has elected to fund

the proposed bond referendum for a 10-year term. By

rolling in existing indebtedness, capitalizing on the

lower rates for shorter term borrowing, and factoring in

the expected increase in the tax digest, if the bond

passes in November, our school system will receive the

funds it needs to build three new elementary schools, one

new high school, and provide $8.8 million in improvements

to existing facilities.

What does all of this really

mean to you and me? In the simplest of terms, your total

school tax will represent a slight increase over its 2000

level.

According to figures

calculated by Claude Paquin, a tax attorney, interested

citizen, and proponent of bonds for school construction,

your tax bill will approximate the dollar amount you were

paying in 1998. Mr. Paquin reports that the minimal

increase in your overall expense is achieved primarily

through an "absence or delay in scheduled

decreases" in the tax you pay.

Rather than experiencing a

slow and steady decline in your school tax bill over the

next ten years, made possible by expected growth in the

tax digest, your bill will go up just slightly, and then

remain stable for the next ten years.

According to Jim Stephens,

director of finance for Fayette County schools, some of

the slight increase may even be offset by a possible roll

back in the Maintenance and Operation (M&O) millage.

Add to that the fact that

many of you can take an income tax deduction on a portion

of your property taxes, you're looking at a practically

painless referendum that promises a great return on your

investment - schools less crowded, low student to

teacher classroom ratios, and a lot less

disruption for Fayette families with school-aged children

who would otherwise face double sessions.

I know - you want the

bottom line. Jim Stephens estimates that the tax increase

on a $100,000 home would be approximately $60 per year.

"On a $250,000 home, the increase would be $100 per

year." That's $1.92 a week - a mere 27 cents a

day on a home valued at $250,000.

Considering that a portion

of that may be tax deductible, and that some portion may

be offset by an M&O millage rate reduction, this is a

small sacrifice for a worthy cause. It's one of the few

times that we actually get to see, and more personally

benefit from, our tax dollars at work.

There are added advantages

to the 10-year payback. According to Mr. Stephens,

"current market rates indicate that the 10-year bond

[rate] would be approximately 1/2 percent lower than a

20-year bond [rate]." We will probably see an

interest rate somewhere in the neighborhood of 5 percent.

With the 10-year payback plan, we will be much better

equipped to deal with any future growth needs without

creating mountains of overlapping debt.

This funding package

represents compromise in the truest sense of the word. We

will pay far less than we would have paid for a

SPLOST. Many retired citizens will pay nothing. The

school system gets the money up front so projects can

begin immediately. And those who feared long-term debt

can be satisfied with the 10-year term for payback.

The Board of Education has

shown remarkable ingenuity. They've given us a referendum

that is taxpayer friendly. It's up to us to give them a

referendum that is uniformly successful. See you at the

polls.

[Your comments are

welcome: [email protected] .