By Derrick ForsytheRecord Staff WriterThe Warren County R-III School District is in the final stages of its decision-making process regarding a bond issue for the April 2016 election ballot.If passed, the bond would result in upgrades to each of the district’s five school buildings, the data center, central office, as well as the bus and maintenance facilities.The board received an updated review of both the project blueprint and the options available for financing the project during its monthly meeting last Thursday.Changes were made to the initial plans in order to fit within the district’s $10 million cost goal. By doing so, it prevented the need for a tax levy increase, meaning voters would decide only on whether the district would move forward with the project, but not incur a tax raise.“That’s what we’re shooting for right now, is a no-tax increase bond,” said R-III Chief Financial Officer Tony Chance. “We have the capacity that would still fit within our debt service financing and be able to pay within the levy.”There are several options in relation to the long-term financing of the project.The district could purchase the bonds at par or face value, paying a 3.61-percent interest over 20 years, which would result in a net interest expense of $5,632,413 over the life of financing. This would allot $9,870,300 for project funds after the bond issuance fee of $129,700.If the district decided to purchase the bonds at a premium, it could generate an additional $767,297 up front to allow for $10,637,597 in project funding after the issuance fee. This choice would also present the option of refinancing in 2021, resulting in a potential interest savings of $1,539,600. “The possibility of refinancing five years down the line could save some interest in the long run and be more beneficial to the district,” said Superintendent Dr. Jim Chandler.While the initial interest rate on the premium bonds would be higher at 4.51 percent, the net interest paid over the life of financing would be lower at $5,501,688.“Our next option is to decide whether to go straight par bonds or sell the bonds at a premium,” said Chandler. “If we sell at a premium, it allows us to recoup more money up front.”In regard to the project changes, several of the original additions or upgrades were slotted into a Phase II category, meaning they are still being considered but have been placed into a more long-term time frame.“These are still identified as projects, and we don’t want to forget about them, but we wanted to stay within the constraints of our budget,” said Chandler, adding the district sought feedback from its community surveys when it came to assessing which aspects of the project were considered the be of greatest value by the taxpayers.“It was a priority versus cost measurement assessment,” said Chandler. “We seek feedback to make sure we stay within our capacity that is conservative with our taxpayer dollars.”The two buildings garnering the majority of the costs for the project are the high school at $7,269,000 and Rebecca Boone Elementary at $1,305,000.The high school’s most costly projects are slated to be HVAC upgrades at $2,260,000 and the addition of a practice gymnasium on the east side of the building for $4,320,000.HVAC upgrades to the original 1988 portion of Rebecca Boone Elementary are expected to cost $858,000.The district also has plans to relocate the offices at Daniel Boone Elementary, resulting in a cost of $459,000.“We’re excited about the possibilities, knowing the district has been a good steward of taxpayer dollars and will be able to work within that $10 million,” said Chandler.The board set a special workshop meeting for Dec. 1 to further discuss the matter.School Bond