Capital Improvements Underway “Now” - Thanks to Second-Lien Loan
Want to keep up with capital improvements at LRSD schools? Watch the thermometer! We are committed to keeping you informed; LRSD has dedicated a special webpage that allows you to monitor how we’re spending second-lien loan money on our schools. Secured in July 2017, the second-lien loan will generate $90 million dollars in construction funds. The District plans to use $55-60 million of these funds to assist in the construction of the new high school – the first in 50-years. The remaining funds will be designated for capital improvements, including roofs, HVAC upgrades, and security enhancements. You might have already seen some of this work underway at your child’s school. The following should be noted about this capital improvement plan:
- This will not add to anyone’s tax rate
- This does not extend the debt
- A second-lien loan is much like a mortgage on your house.