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School District bond due to expire in December 2011

HEATHER HILL
THE MID-COUNTY MEMO

The Memo has recently fielded a number of questions as to when the bond taken out in 1991 by the Parkrose School District to pay for the new high school and renovations to the elementary and middle schools will be paid in full.

According to Mary Larson, director of business services and operations for the Parkrose School District, the date currently set for retirement of that bond is Dec. 15, 2011. Parkrose residents have already repaid over half of the debt of the initial bond, which totaled nearly $35 million.

The federal economy has helped as well. In 2002, the school board underwent a partial refund of the bond to take advantage of a lower interest rate, which resulted in a savings of $7,000 for taxpayers.

With a rate of taxation per resident contingent on property values, the bond currently taxes at a rate of $1 per $1,000 of assessed value and is not due to expire for another three years. The only way to expedite this process would be to tax at a higher rate, which tax-tired residents would soundly reject.

Larson welcomes readers with questions regarding the bond issue to contact her directly at 503-408-2103.
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