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Page 24 text:
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CAN YOUR CITY FINANCE THIS PROJECT ? ? The total debt limit for borrowing in the city of Lockport was 83,016,- 954.63 as of October 1, 1948. If this new senior high school is con- structed, the unused debt limit in 1950 would be 9'p320,954.63 654,000 of school bonds having been retired in 19491 This balance would in- crease about S165,000 annually thereafter because of retirement of school bonds. YES, IOCKPORT CAN AEFORD TO BUILD THIS NEW SCI'IOOl. sli- IT CAN BE DONE I ! I We are under the city debt limit. Our school tax rate will increase only 33.69 per thousand. The retirement of the bond issue is for a short term of 20 years. IT CAN BE DONE ! ! !
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Page 23 text:
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WHAT Wlll BE THE COST TO THE TAXPAYER ? ? ll your home is assessed lor S5,000, it will cost you less than 36c each week to have this new senior high school. ll the evaluation ol your property is lower, the cost will he even less. ll it is higher, the tax will he correspondingly more. .4a2l45eeauw'7da .- AN ESTIMATE OF THE TOTAL COST The estimated volume of the proposed school building is 2,900,000 cubic feet. The total area to be developed is 25 acres. In view of con- struction bids received on several recent projects in Western New York, it seems that a fair estimate would place the total cost of this project at 82,750,000 This includes construction of the building, development of the outdoor facilities, equipment, legal, architect, and engineering fees, and interest during construction. THE METHOD FOR PAYMENT A bond issue for the total amount will be retired through local taxation of property over a 20 year period. g THE EFFECT 'ON THE TAX RATE The tax rate increase because of this added debt service will be 83.69 per thousand in 1950. By 1969 the total debt will be completely retired. CThis figure is based upon the assumption that a bond issue of 32,750,- 000 can be sold at a maximum rate of interest of 2fZ. 'I' his is an estimated rate for Lockport as of October 20, 1948. lf a lower interest rate can be obtained, the estimated yearly costs will be less.j
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Page 25 text:
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TO CONCLUDE . . . There Is A Desperate Need lor A New SENIOR HIGH SCHOOL is inadequate THE PRESENT SCHOOL isalire trap is poorly located The Proposed School Will Be Right For The Community lt will be adequate. lt will be fire-prool. lt will serve as a community center. It Can Be Financed By The Community. let's Plan to Build N OW To Meet The PRESENT Need M7464 do Zum Lfocifeafzzn
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