The Hopkins Public Schools’ request for renewal of the site sinking fund levy of 1.6 mills was approved in a special election Tuesday by a vote of 852 to 758.
The affirmative voters made up 53.2 percent of the final tally. The vast majority of votes were cast as absentee ballots via mail.
The 1.6-mill sinking fund levy will apply for 10 years.
School officials explained that a sinking fund is much like a savings account in which the district can deposit voter approved money so it can pay cash for projects or repairs instead of having to borrow. The idea is to provide a more cost-effective way than borrowing or bonding, thereby eliminating interest and legal fees.
An independent audit of the sinking fund is conducted annually.
Sinking fund levies are permissible for up to five mills and 10 years. They can be used to purchase real estate, for construction projects and repairs, but not for maintenance.
The Hopkins Public Schools plan to use the fund to pay for asphalt repair or replacement, roof repair or replacement, mechanical unit replacement, athletic field refurbishment, interior and exterior lighting, safety and security improvements, and classroom restricting enhancements.
The 1.6-mill levy is expected to generate about $490,000 for the next five years.
