By Gary Lloyd
TRUSSVILLE — The Trussville City Council on Tuesday approved a resolution that will reimburse the city with respect to its 2014 school warrants.
The city in the resolution proposed to issue not less than $15 million aggregate principal amount of its general obligation warrants for the purpose of paying the costs of acquiring, equipping and construction an elementary school building in the Magnolia Place area and various capital improvements to the New Deal-era school building on Parkway Drive.
The city expects the warrants will be issued no later than June 1, 2015. The city expects to allocate to itself from the proceeds of the warrants moneys to reimburse itself for the expenditures made prior to the issuance of the warrants. It’s expected that the maximum amount of those proceeds that will be allocated for reimbursement will not exceed $2 million.
The Trussville City Board of Education last month approved a resolution requesting warrants be issued to fund the two new community elementary schools.
Trussville residents on Feb. 25 voted to approve the seven-millage property tax increase to fund the two new community elementary schools. The final results of the vote were 2,813 people in favor of the increase, while 1,935 voted against it.
Seven additional mills in property taxes will cost Trussville residents $70 per year on homes appraised at $100,000, $140 per year on homes appraised at $200,000 and $210 per year on homes appraised at $300,000.
The board of education last month approved Michael Brady Inc. as the architect for both new community elementary schools. The plan is to open the schools for the 2016-2017 school year.
Contact Gary Lloyd at news@trussvilletribune.com and follow him on Twitter @GaryALloyd.