LRSD Sets New Date for Election to Extend Debt
February 22, 2017 - The Little Rock School District (LRSD) announced today the date for rescheduling the election to extend its debt. The new date is Tuesday, May 9, 2017. The election, which does not call for a new tax, would generate approximately $160 million to support facilities needs throughout LRSD and would extend the debt for one bond issue by 14-years.
A 2014 study conducted by Fanning Howey, the firmed hired by LRSD to assess all district buildings and athletic structures, identified and prioritized more than $300 million in facilities needs. Funds from the extension of the debt would be dedicated to capital improvements district-wide and for building the new southwest high school. While the bond extension will not require a new tax, it does require voter approval, allowing the District to refinance one of its existing bonds.
Seeking voter approval in May would allow the District to begin capital improvement projects at more than 30-campuses, starting as early as this summer, and would allow fulfillment of the promise to build the new high school. If approved, the school could open in the fall of 2019. New lighting, windows, HVAC systems, and roof projects would be among the priorities.
"With this significant level of support from our community, we can focus on the future of our students - that means investing in their future now," said Superintendent Mike Poore.
Additionally, Poore says the timing to sell bonds is favorable, given the uncertainty of the future of interest rates. They currently remain historically low.
"As I have stated previously, we have the responsibility to build a new high school in the southwest and I am committed to delivering on that promise. I am equally committed to supporting improvements that impact our entire community," Poore continued.
Additional information regarding the upcoming election and capital projects will be shared on the LRSD website, via the District's Blackboard parent notification system, and through traditional media outlets.