Residents in the Lake Forest School District approved a capital referendum to fund state approved projects across the district Wednesday.
By a 622 to 363 margin, voters agreed to foot a percentage of the $7.7 million price tag for upgrades and improvements to the district's seven schools by authorizing the district to purchase over $2.5 million in bonds to finance the projects.
The state will cover $5 million dollars and more than a million is slated to come from Kent County’s School District Capital Improvement Fund.
The projects include security upgrades at all schools and improvements to the Lake Forest High School football field and its auditorium along with the construction of a new agricultural technology lab.
The bonds would be financed through a slight increase in taxes for residents in the first year. School district officials report the tax increase would be one point three seven cents in that first year, with a house assessed at $100,000 seeing a property tax increase of thirteen dollars and seventy cents.
District officials add that by restructuring debt service there will be savings over time that make the plan tax neutral.
