Refunding excess taxes
In a move that made the front page of the local newspaper, Lake Havasu Unified will be using $748,540.28 left over from the district's 1996 bond to reduce future district taxes. The decision was approved at the district's regular monthly board meeting for October. Arizona Revised Statute 15-1028 details two ways the money may be used as a credit for taxpayers.
If a bond issue and interest thereon have been fully paid and a balance remains in the debt service fund from taxes collected for payment of the bonds and interest, the balance may be applied on the payment of other outstanding bonded indebtedness of the school district payable from the levy of taxes on property within the school district in which the excess tax monies were collected, or if there is no outstanding bonded indebtedness, the balance remaining in or accruing to the debt service fund, on written request of the governing board of the school district, shall be used for reduction of school district taxes.
If the bond which is on the November ballot passes, option one will be used. If not, option two.
During the October meeting, the board also said thank you to local realtor Brenda Atkinson for leading a fundraising drive that collected $8,000 for school supplies from members of the Lake Havasu Association of Realtors, and the board welcomed new teachers from Thunderbolt Middle School and Lake Havasu High School.
More about the October 18 board meeting. | Newspaper article.