With the upcoming bond issue announcement, there have been several questions regarding this bond issue as well as bond issues in general.  Below are some of these questions and answers.  Please feel free to contact Mike Payne @ 918-266-7227 or mpayne@vps.k12.ok.us, for more information or other questions.

Frequently Asked Questions:

Q. What is a series bond?

A. When the total amount of bonds proposed exceeds the District’s bonding capacity, a series bond allows the District to split the total into portions (series) and as those bonds retire (mature), the District issues subsequent series until the total amount is issued.  Series bonds ensure that a large project is able to be completed versus risking an initial bond to start the project passing and future bonds to complete the project not passing thus resulting in an incomplete project.  The 2018 Verdigris Bond will contain five (5) series. 

Q. What is a revenue bond?

A.  A revenue bond allows the District to advance fund the series of bonds in order to begin construction much earlier, using the series bonds to retire the revenue bond.  In the 2018 proposed Bond, we would receive an advance on the funds so we have use of the funds and can complete the projects substantially sooner. 

Q. Why is there money for the Activity Center in every series?

A. The total cost of the Activity Center, along with the other projects, determines the need to include it in more than one or all of the series. Each series is specific to certain equipment within the scope of the Activity Center.  The series also allows the District to fund the project with a No Tax Increase Bond.

Q. Why will this bond issue not increase taxes?

A. The timing of each series being issued allows the District to maintain the current tax level. As each series retires (matures), a subsequent series is issued. 

Q.  Why are line items like textbooks listed in each series? 

A. These are line items for which we receive funds every two (2) years to insure that our district can provide the most current educational opportunities such as textbooks, technology, STEM equipment, and facility updates. 

Q.  What about classroom space? 

A.  We have been constructing classrooms for the past twenty years and will complete the last project of the current bond issues with an addition at the Junior High School prior to the fall of 2018.  Upon completion of this project we believe our school system will have adequate space for current and future students.

Q. Do we need another gym? 

A. The short answer is yes.  But it is important to note that we are not just building another gym, the proposal is for a Multipurpose Activity Center.  The Activity Center will include a permanent stage, up to 3 courts when the seats are retracted, a large hospitality/meeting room, ample seating, restrooms, concession and lobby area.  By building this facility it will free up other gyms for cheerleaders, off-season volleyball, track and other school groups.  The addition of this facility will result in less travel between campuses for student practices while also facilitating a meeting/assembly area for the full student body to gather.  The stage will provide a venue for music performances, plays, graduation, and community events.  This location will also allow us to provide more gym time to our local groups by freeing up other facilities.

Q. When will these projects be complete?

A. Most of the line items in Proposal # 1 will begin in the summer of 2018 and be completed prior to the end of the 2018/2019 school year.  Exceptions to that timeline include: 

• The activity center construction will begin in the summer of 2018 and is estimated to take fifteen to eighteen months for completion.  The Activity Center should be open the fall of 2019.
• The pavement in the area around the activity center will not be completed until the fall of 2019.
• Replacing older turf on the football and baseball infield is estimated to occur no earlier than 2024.