A proposed 18-year extension of 12.4 debt service mills to raise as much as $205 million for construction and renovation in the Little Rock School District was defeated Tuesday night.
Complete but unofficial results showed:
Against: 37,211
For: 31,574
The district's 12.4 mills for debt service are already being collected and are due to expire in 2033.
The millage extension by 18 years to 2051 would have enabled the district to issue bonds of nearly $329.2 million that would have be used to pay off the district’s debt on two 2015 bond issues as well as finance about $205 million.
The proposal would not have increased a property owner’s annual school taxes, but the property owner would have paid the tax for additional years.
The 12.4 mills are part of the Little Rock district’s overall 46.4-mill tax rate that also covers operating costs, technology and maintenance. The surplus revenue produced each year by the debt service millage may be used by the district for other school purposes.
CORRECTION: Results from Pulaski County's website show incomplete, partial results earlier in the evening. A previous version of this story misstated what was included in the results.