District 88 Board oks levy 28 Sep 12

The New Ulm District 88 School Board approved the preliminary local tax levy payable in 2013. The board approved the maximum amount allowed by law at $4,876,133, which is down 2.14-percent from last year. The operating levy is down over $111,000 from last year, a 3.48 percent drop. That is due to a decrease in funds for health and safety levy and some other factors. The levy amount could change after county auditor adjustments. The board also approved the refinancing of over $2.1 million in general obligation school building bonds issued in 2006. This will result in net savings of about $175,000 in future debt redemption costs and allow the bonds to be redeemed in 2016, which is a year early.