Board Resolution for SAVE RPS
In May 2019, the State Legislature and Governor approved a law extending the Secure an Advanced Vision for Education (SAVE) law through the calendar year 2050. SAVE will allow the Nevada Community School District to borrow against the statewide penny sales tax revenue to help fund school infrastructure projects. The passage of the SAVE extension will positively impact the District for generations. But with the extension of the law, some changes have been made to how SAVE funding can be used and the process School Boards must undertake to use these funds.
In September 2008, citizens of the District approved a Sales Tax Revenue Purpose Statement for SAVE funds to be up to January 2031. The citizens of the District must vote soon on a new Sales Tax Revenue Purpose Statement to use the new SAVE funds referred to above which will start in 2031 and run to 2050 including any debt issued for these funds. This election will be held on Tuesday, March 3, 2020. The Sales Tax Revenue Purpose Statement will not increase property taxes. The Sales Tax Revenue Purpose Statement is as specified: for sales tax revenues only. These revenues upon approval of the Sales Tax Revenue Purpose Statement will be used for the following:
- Property Tax Relief
- To build and furnish a new school building or buildings; to build and furnish additions to school buildings in the District; to remodel, repair, expand, and improve the school buildings in the District; to purchase and improve grants; for demolition work; to furnish and equip District facilities.
- To purchase, lease or lease-purchase of buildings or equipment (including transportation, technology, and recreation equipment) as authorized by law, to implement energy conservation measures, sharing or rental of facilities, procuring or acquisition of libraries, or opening roads to schoolhouses or buildings.
- To make emergency repairs to respond to natural disasters, such as fire, wind damage, flood; unanticipated mechanical, plumbing, structural, roof, electric system failures; environmental remediation; or to respond to changes in demographics that require construction of additions or improvements to school buildings or new school buildings.
- For the payment of principal and interest or retirement of general obligation bonds issued for school infrastructure purposes, energy improvement loans, loan agreements authorized by Iowa law, sales, service and use tax revenue bonds issued by the District under Iowa law.
Over the life of the SAVE law, the District expects it will need these revenues for any of the above. Of current concern is repairs and remodeling of the Middle School facility, which is now 30 years old.