CHICAGO - Voters in Cleveland will weigh in Tuesday on a $200 million bond issue that would replenish a 13-year old capital plan for one of the state's largest school districts.
The Cleveland Metropolitan School District wants to borrow up to $200 million as proceeds from a $335 million borrowing authorized by voters in 2001 run out.
The new borrowing would help the district replace 20 schools and renovate up to 23 more, officials said.
If Issue Four passes, the district would be authorized to float 30-year bonds that would generate up to $25 million a year. The deal would also help the district capture $256 million in state construction matching funds, according to local reports.
Voters in 2001 passed a $335 million bond issue with a 25-year maturity. The bonds will mature through 2027, according to the city.
Standard & Poor's rates the district A-minus, and Moody's Investors Service rates it A2.
Voters in November 2012 approved a key property tax increase for the district, which helped offset a growing budget deficit.
