Referendum
March 16, 2010
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Frequently Asked Questions

Q. Why would Bamberg District One have to borrow money to pay for these projects?

A.The district issues bonds regularly to pay for ongoing maintenance and upkeep. However, the district is limited to borrowing 8% of the total assessed value of property in Bamberg One. For anything that exceeds the 8%, the Bamberg School District One Board of Trustees must ask the voters to approve the bond issue.

Q. How does a bond referendum work?

A. First, the Board of Trustees publicly votes to hold a referendum, set the dollar figure, the date of the referendum and spell out, in the form of a question, what exactly will be done with the funds. Bamberg School District One Board of Trustees voted unanimously on November 23^rd, 2009 to move forward with presenting the referendum question to District voters.

Q. How are bonds issued paid for?

A. General bond obligation repayments would require a tax millage increase on school debt service. The bonds the district will be issuing are either almost zero interest bonds or very low interest bonds available through the Stimulus act. One set of bonds requires repayment in 17 years, the other in 25 years.

Q. Can voters pick and choose what they want to do?

            A. Voters must vote for or against the project as it is presented.

Q. In this economic climate, is this a good investment?

A. These bond rates are very low, and are unlikely to be available again. Building materials and construction costs have decreased, and contractors are ‘hungry’ for work. This is an opportunity to provide short and long-term jobs in the community, and to prepare for new development in the near future, such as opportunities to come this way from Boeing and Jafza.