Notice Of Bond Election, Unified School District No. 421, Osage County, Kansas (Lyndon)

The Board of Education of Unified School District No. 421, Osage County, Kansas (Lyndon) (the “District”), has heretofore, pursuant to resolution duly adopted, declared it advisable to consolidate and improve the District’s K-12 campus, including (a) constructing, equipping and furnishing new classrooms, laboratory, greenhouse, kitchen, cafeteria and commons area additions adjacent to the existing high school classroom wing and gymnasium, (b) constructing, equipping and furnishing three monolithic domes, for use as elementary and middle school classrooms, all school library and art room, music classrooms, locker rooms, gymnasium and multi-purpose space with stage, and a storm shelter, (c) relocation of District administrative offices, elementary/middle school and high school offices, and elementary playground equipment (d) razing the original high school building and constructing a new parking lot, (e) razing the original elementary school building and west elementary addition and constructing a new football practice field, (f) closing a portion of 7th Street, and (g) making all other necessary improvements appurtenant thereto(the “Project”), at an estimated cost of $12,380,000.  Notice is hereby given to the qualified electors of the District that a bond election has been called and will be held on May 6, 2014, for the purpose of submitting to the qualified electors of the District the following proposition:

Shall the following be adopted?

Shall Unified School District No. 421, Osage County, Kansas (Lyndon) (the “District”), issue general obligation bonds in an amount not to exceed $12,380,000 to pay the costs to consolidate and improve the District’s K-12 campus, including (a) constructing, equipping and furnishing new classrooms, laboratory, greenhouse, kitchen, cafeteria and commons area additions adjacent to the existing high school classroom wing and gymnasium, (b) constructing, equipping and furnishing three monolithic domes, for use as elementary and middle school classrooms, all school library and art room, music classrooms, locker rooms, gymnasium and multi-purpose space with stage, and a storm shelter, (c) relocation of District administrative offices, elementary/middle school and high school offices, and elementary playground equipment (d) razing the original high school building and constructing a new parking lot, (e) razing the original elementary school building and west elementary addition and constructing a new football practice field, (f) closing a portion of 7th Street, and (g) making all other necessary improvements appurtenant thereto; all pursuant to the provisions of K.S.A. 10-101 et seq.; K.S.A. 25-2018(f); K.S.A. 72-6761; and K.S.A. 75-2315 et seq.?

To vote in favor of any question submitted on this ballot, darken the oval to the left of the word “Yes.”  To vote against it, darken the oval to the left of the word “No.”voting ovals

The polls will open at 7:00 o’clock A.M. and will close at 7:00 o’clock P.M., on May 6, 2014, the election day.  The voting places in the District, and the area each voting place will serve, will be as follows:

Voters Residing In                                                                               Will Vote At

Agency Precinct, Lyndon Community Center – All the territory in Agency Township lying within the boundaries of USD No. 421.

Fairfax Precinct, Lyndon Community Center – All the territory in Fairfax Township lying within the boundaries of USD No. 421.

Vassar Precinct, Lyndon Community Center – All the territory in Junction Township lying within the boundaries of  USD No. 421.

Melvern Township, Lyndon Community Center – All the territory in Melvern Township lying within the boundaries of USD No. 421.

Olivet Township, Lyndon Community Center – All the territory in Olivet Township lying within the boundaries of USD No. 421.

Superior Township, Lyndon Community Center – All the territory in Superior Township lying within the boundaries of USD No. 421.

North Valley Brook Precinct, Lyndon Community Center – All the territory in North Valley Brook Township and Lyndon City, in North Valley Brook Precinct lying within the boundaries of USD No. 421.

South Valley Brook Precinct, Lyndon Community Center – All the territory in South Valley Brook Township and Lyndon City, in South  Valley Brook Precinct lying within the boundaries of USD No. 421.

The election will be conducted by the officers and/or persons provided by law for holding elections, and the method of voting will be by ballot.  Registered voters are eligible to vote by advance voting ballot upon application to the County Clerk at the address set forth below pursuant to K.S.A. 25-1117 et seq.

ADDITIONAL INFORMATION

The following additional information is provided by the District with respect to compliance with the provisions of K.S.A. 10-120a and K.S.A. 12-6,122.  This information has been obtained from sources deemed reliable by the District.  Certain portions of this information are based upon projections.  No assurances can be given that these projections will be accurate as of the date of issuance of the bonds due to changing market conditions, any changes in assessed valuation of the District, changes in the amount of state financial aid received by the District and other matters unknown or unavailable at this time.  The projected rates of property taxation to be used to pay the principal of and interest on the Bonds are based upon the current assessed valuation of the District, the assumed principal repayment schedule and the average interest rates from recent bond issues for similar types of financings and the current level of state financial aid the District would receive with respect to the bonds, all as shown below.

Projected Summary of Project Costs
                               Sources of Funds                                            Uses of Funds
Bonds to be Issued     $12,380,000 Project Costs (including architectural/engineering services) $12,255,000
District Funds                         -0- Interest During Construction
Interest Earnings                 25,000- Issuance Expenses (including attorney fees, printing costs, rating agency fees, financial advisor fees, underwriting fees and other miscellaneous expenses) 150,000
                Total     $12,405,000                 Total                 $12,405,000
Projected Summary of Bond Issue Repayments
Principal payments over 25 years Average Interest Rate         5.00%
Total Interest Cost to Maturity         $10,378,915 Assessed Valuation (2013)23,343,801
Average Annual Principal and Interest Payments 910,356
Portion of average annual principal and interest payments from State aid 382,350
Portion of average annual principal and interest payments from District funds 528,006
Average Annual Property Tax Mill Levy Rate for Principal and Interest Payments
Total (without any State financial Aid)          38.00 Mills
District Portion (with current level of State financial aid)          23.00 Mills

The election officer conducting the election will be the County Clerk of Osage County, Kansas, whose address is 717 Topeka, Lyndon, Kansas  66451.

DATED:   March 20, 2014.

(Seal)
Rhonda Beets, County Clerk
Osage County, Kansas


Editor’s note: Osage County News published this legal notice as  a courtesy to our readers. State law requires this notice to be published in a newspaper by the Osage County election officer prior to USD 421’s special bond election set for May 6. Osage County News was not paid to publish this information.

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