The Little Rock School District said Friday it is postponing a special election to seek an extension of existing property-tax mills to finance a new high school and make improvements at other campuses.
The election had been scheduled for March 14. In a statement, Little Rock Superintendent Mike Poore called the postponement a "temporary delay," though a new date hasn't yet been determined.
"The needs of LRSD are real and we must move forward if we are serious about supporting all children in the District with learning environments that have appropriate lighting, heating, cooling, and window renovations, among other improvements," he said.
The statement said the extra time would also give the firm designing the new southwest Little Rock high school more time to receive input and to "incorporate plans for greater community access to a playing field and walking track at the campus."
The Little Rock district's plan that was set to go to voters would not increase the existing 46.4-mill property-tax rate, but would result in taxpayers continuing to pay the same rate for additional years.
If that proposal were approved, the 12.4 mills of the total 46.4-mill rate would be extended by 14 years to 2047. Those 12.4 debt service mills will otherwise expire in 2033.
The district also levies 32 mills for maintenance and operation of the district — the revenue from which is used to pay salaries and bills, and 2 mills for dedicated maintenance and operation, the money from which is used for upkeep of technology systems.
The refinancing of existing debt-service bonds, coupled with the extension of the debt-service mills, would enable the district to issue $202,645,000 in new bonds that will be paid off over 30 years, according to information sent to Key by the district.
About $160 million of that would be new money to the district that could go toward the construction of a high school that is expected to cost as much as $90 million, and improvements elsewhere in the state's largest district. The remainder of the $202 million would be used to continue paying off previously issued bonds, as well as support second-lien bonds in the future.
Read Saturday's Arkansas Democrat-Gazette for the full story.
Arkansas Democrat-Gazette reporter Cynthia Howell contributed to this story.