NOTICE: The original bond referendum voting date of March 31, 2020, has been postponed due to the COVID-19 pandemic.
Facts About Debt Service Millage
Rock Hill Schools has been able to meet its capital needs while maintaining a 52 mill levy for debt service for eleven years. In 2015, the district held a $110,000,000 referendum with the commitment that debt service millage would not be increased. That referendum was successful; the debt was issued; and the commitment to maintain a 52 mill levy was met.
In the current bond referendum, the district is seeking approval to issue $294,800,000 of general obligation bonds which will require a 26.5 debt service mill increase. The district’s commitment is that the total millage for existing debt, annual maintenance bonds, and the current referendum debt will not exceed 78.5 mills.
The subsequent pages illustrate the district’s debt program including the current referendum bonds per the district’s financial advisor and the most recent financial results per the district’s external auditor. The per mill valuation amount for year 2019 and prior reflect the actual collectible value per mill based on the district’s audited financial statements. If the district continues to show positive growth similar to the most recent results, the district may be able to retire the debt obligations more quickly resulting in a reduction in the amount of total interest paid by the taxpayer.
Total Debt Service Requirements
Millage Cash Flow Report