A public information meeting will be
held at 7 p.m. Tuesday, March 1, at the Hopkins High School media center to talk about a special election coming up on Tuesday, May 3.
Hopkins Public Schools will ask voters in the district to approve a sinking fund for 1.6 mills over five years to pay for facility improvement projects.
Some of the projects would include entryway upgrades, asphalt repair and replacement, rood repair and replacement, carpet replacement, athletic field refurbishment, addition of a science lab and the addition of a STEM classroom.
An informational handout from the district defines a sinking fund as a sort of savings account that a school system can use to pay for facility improvement projects without having to borrow through short-term notes or long-term bonds.
The handout asserts, “Sinking funds provide districts with a cost-effective alternative to borrowing or bonding for some expenditures because they require none of the associated interest costs or legal fees. A school district that levies a sinking fund tax shall have an independent audit of its sinking fund conducted annually.”
According to state law, school districts may levy up to five mills for a maximum of 20 years, but voters’ approval is necessary.
School officials say 1.6 mills would generate about $400,000 annually for the district. Owner of a house valued at $100,000 would pay an additional $80 in property taxes per year.
