Voters living in the Little Rock School District can expect to see a request for a tax extension on the Nov. 3 general election ballot.
State Education Secretary Johnny Key, who serves in place of a school board for the state-controlled Little Rock School District, has approved putting the request -- which includes refinancing the district's existing debt -- to the voters.
The tax matter, if approved by voters, is intended to produce revenue to finance some $205 million for school construction and repairs -- including a new school building at the site of McClellan High, 9417 Geyer Springs Road, to serve elementary and middle-school grades.
Superintendent Mike Poore said Tuesday that extending the tax levy at this time of "an extremely favorable bond market" gives the district the chance to maintain its current debt payment while reaping a larger amount of money to go toward building projects.
"Bottom line, that's why we are doing this," Poore said. "We would be making a mistake as a school district if we didn't allow our community to move forward in this significant fashion."
The proposal will be on the ballot along with candidates for nine seats on a newly reestablished Little Rock School Board as well as candidates for various other local, state and national offices -- including those running for U.S. president.
The proposed tax plan will not increase taxes paid in a year by a property owner living in the Little Rock district, but property owners will have to pay the same tax bills for more years, according to the plan.
The district's current levy of 12.4 property tax mills to support debt service on bond issues would be extended from 2033 when the tax mills are now due to expire to the 2051 -- if the proposal is approved by voters.
The district's Community Advisory Board voted 4-0 last week to recommend to Key that the measure be submitted to voters, with the acknowledgment that the elected School Board will decide how the money generated by a tax extension would be spent.
Poore agreed that the new board would have the opportunity to decide spending priorities -- a public board making decisions about expenditures, he said.
Besides the McClellan site, some of the district's buildings that need work include Central and Hall high schools and Dunbar Middle School -- all because of their ages.
The capital city school district put a similar tax extension plan to the voters in May 2017 , but the measure was defeated at the polls after a high-profile campaign that revolved largely around the fact that the district had been under state control and without an elected school board since 2015.
The Arkansas Board of Education has since voted to return the district of more than 20,000 students to local governance -- with some restrictions -- following the upcoming November election of a school board.
After the May 2017 defeat of the tax proposal, the district issued second-lien bonds -- which don't require voter approval -- to raise a lesser amount of money, about $90 million.
Kelsey Bailey, the district's chief financial officer, said last week that the second-lien bond money has been spent for projects that included a part of the the new Southwest High School, the remodeling of Scott Field, roof replacements, security systems and the addition of air conditioning to several school gyms and kitchens.
"If you look at what we did with those second lien loans, we squeezed every dollar to make a difference for our kids and we have significant accomplishments," Poore said. "We have done so much that impacted the entire district, he said, adding that he hoped that will lead to voter trust and interest in continued building improvements.
The district has an overall millage rate of 46.4 mills, including mills for operations, debt service, maintenance and technology.
A mill is one-tenth of a cent. Each mill produces $1 in taxes for every $1,000 of assessed valuation. Counties assess real property at 20% of its appraised value, and that value is multiplied by the millage rate to determine taxes.