KPB General Obligation Bond, Proposition 2

Media Release

General Obligation Bond, Proposition 2

Flyer_General Information Bond October 1 2013 Proposition 2Soldotna, September 10, 2013—On October 1, 2013, Kenai Peninsula Borough (KPB) voters will be asked to consider $22,987,018 in bonds to repair ten school roofs ($20,995,282) and install a turf field at Homer High School ($1,991,736). These projects have been approved by the State Department of Education for 70% reimbursement under the state debt reimbursement program, which means the state reimburses the KPB 70% of the total cost of the bonds and KPB taxpayers pay 30%.

Voters approved Phase I of the roof school bonds project in 2010; the work was completed in 2011-2013.*

Phase II includes roofs dating back to 1967, is staggered over three years, and provides an opportunity for our local labor force. Many schools have expanded since their original construction date, and different sections of roof were built in phases.

2014
Kenai Alternative High School, Kenai Middle School, Skyview High School, Tustumena Elementary, and Homer High School turf field

2015
Homer Middle School, Kenai Central High School, Paul Banks Elementary, Soldotna Middle School

2016
Ninilchik School, Soldotna High School

“Why bond now?”

  • Energy measures, such as increased roof insulation, will be built into the project plans
  • The roofs have exceeded their expected useful life and are in need of repair
  • The new roof systems include a 20 year warranty, and will cost less to maintain overall
  • Take advantage of the 70% state debt reimbursement

Taxpayer 70% Savings on the Bond – Debt Reimbursement Program

  • Borough cost: 30% of every dollar
  • State Debt Reimbursement Program: 70% of every dollar (approved)

Cost to the borough taxpayer

  • $ 6.77 per $100,000 assessed property value (annually)
  • $ 472,350 annual net cost to Borough with State of Alaska 70% debt reimbursement program (approved)

The funds are subject to the appropriation process in the Alaska Legislature, as are all funds expended by the State of Alaska.

Borough school district roofs equal 1,861,400 square feet; nearly 43 acres of roof

*History Phase I (2011-2013)
In October, 2010, Kenai Peninsula Borough residents approved Phase I school bonds of $16,865,000 for these KPBSD schools spanning the peninsula from Seward to McNeil Canyon in Homer. The work is complete.

  • Chapman School
  • Cooper Landing
  • Homer Middle School
  • K-Beach Elementary
  • Kenai Elementary
  • Kenai Central High School*
  • McNeil Canyon Elementary School
  • Moose Pass School

 

  • Nikiski Middle-High School
  • Ninilchik High School*
  • Seward Elementary
  • Seward High School
  • Soldotna High School*
  • Sterling Elementary*
  • KPB School District Warehouse
                 * Partial reroofing

“It’s important to protect almost a billion dollars in Borough facility assets. This is responsible stewardship.” – Mayor Mike Navarre

Links

Contact

Mayor Mike Navarre, Kenai Peninsula Borough, 907-714-2150, mnavarre@borough.kenai.ak.us
Pegge Erkeneff, Kenai Peninsula Borough School District communications specialist, 907-714-8888,  Pegge@KPBSD.org

 

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