ST. JOHN | The Lake Central School Board last week approved the question that will be on the November ballot asking residents for the OK to finance proposed school construction.
Superintendent Larry Veracco said the wording could change as the question works its way through the approval process. The question to be certified by the Lake County Election Board is as follows:
"Shall the Lake Central School Corporation, Lake County, Indiana, issue bonds and/or enter into a lease to finance new construction to replace the majority of Lake Central High School and construct a new Protsman Elementary School which is estimated to cost no more than $160,000,000 and is estimated to increase the property tax rate for debt service by $0.20 per $100 of assessed valuation over the 2011 tax rate to a total tax rate of $0.49 per $100 of assessed valuation over the life of the bonds?"
The question must be approved by the Lake County Election Board, said Rob James, director of finance.
Once approved, the Election Board will submit the public question to the Department of Local Government Finance (DLGF), which in 10 days must either approve the question or send it back to the Election Board with recommendations on adjustments to the wording of the question.
The county auditor also must certify the question as approved by the DLGF so it can be placed on the ballot for the Nov. 8 election.
The School Board also recently approved the proposed construction plan for the November referendum.
The construction cost totals $123 million, which includes $101 million for the high school and $22 million for Protsman. All other costs, including furnishings and interest, would add another $37 million. The total cost of the proposed project would be $160 million.