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Argos Schools moving ahead with $700,000 bond

August 20, 2014

ARGOS — Three options for paying back a $700,000 General Obligation Bond were presented to school board members Monday. The board voted to approve a resolution and start the process.

The Board selected option allows interest only to be paid in the first five years, more paid in the sixth year, and a final balloon payment would be made in the seventh year. In this option, current debt obligations will be increased only slightly, and the balloon payment will be due in a year when other obligations are not present.

Taxes will increase when the bond is approved and repayment begins. Umbaugh and Associates CPAs, taxes on a $100,000 home would increase about $30 per year. Farmland taxes would be increased by just under $2 per acre per year, and a $100,000 commercial or rental property would pay just under $100 per year.

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