On February 13, Calumet School patrons passed a bond for $2.63 million.
A bond is a financial instrument used by schools, municipalities and other organizations to raise funds. Essentially, it is similar to a car loan a consumer might take out. The school issues the bonds and gets the money lump sum for its improvements. The bonds are sold to banks, insurance companies and investment brokers who may offer them to their customers or hold them as investments themselves.
As the school district is funded in the form of taxes collected by the county, it pays back the bonds with interest.
The new bond is designated to furnish, equip, renovate, remodel and improve the elementary school including a kitchen and restrooms. Those items are expected to cost $1.7 million. New heating, cooling and air handling systems at both the high school and the elementary are pegged at about half a million and districtwide technology and security equipment is planned at $383, 640.
The new bond isn’t the only one the district carries. In 2021, the district issued $2.5 million in bonds to construct buildings. $1.7 million in principal remains outstanding as of the Feb. 13 election. That money was used to build the Ag barn, the gym and locker room.
In January 2024, $885,000 in bonds were issued to purchase buses.
The February bond issue carries a five-year payback schedule, according to the Canadian County Election Board.