From Cary Grade School Board President Scott Coffey:
FYI, D-47 just issued $9.2 million of new debt certificates on 6/26/18.
The bonds will be paid off over the course of the next 15 years (2/1/33).
Note: There is no statutory authority for the levy of a separate tax in addition to other district taxes or the levy of a special tax unlimited as to rate or amount to pay the principal and interest due on the certificates.
In other words, the district must pay the annual debt service out of their existing operating funds.
The vast majority of the debt service payments are back-end loaded into the last 7 years (2026-2033).