The next step in the process of financing the ongoing renovation and addition work at Newton’s Aurora Heights and Thomas Jefferson Elementary schools will come on October 8th. The Newton School Board has set that as the date for the issuance of $13,750,000 in School Infrastructure sales and services use tax revenue bonds. The borrowing against the future collection of local option sales tax revenue will complete both school projects by the beginning of the next school year. Superintendent Tom Messenger says this bond sale was part of the financing plan for the school improvements from the beginning of the project.

“It is not to be confused with general obligation bonds, which go back on property taxes. These are revenue bonds, which are borrowing against the sales tax dollars, just to fund the project that has already been approved and is already in place. It’s one of the steps that has to be taken to be able to finance and pay for the project.”  

The accepted bid for the Aurora Heights Elementary addition and renovation was just over $12,895,000, while $5,378,000 is the bid that was approved for the addition and renovations at Thomas Jefferson Elementary. Bids for the $13,750,000 School Infrastructure Sales and Services Use Tax Revenue Bonds are scheduled to be open at 10 a.m. Monday at the District’s Administration Building at 1302 First Avenue West.