On Tuesday Toledo voters will have the opportunity to vote on Issue 20, a levy request by Toledo Public Schools. It is a 10 year 4.9 mill levy that would cost the owner of a $60,000 home about $90 a year. If passed the levy would generate about $13.3 million a year for the district.
On Wednesday TPS Treasurer Matt Cleland held a press conference to announce the result of a recent refinancing of $34 million in bonds. "The result of this is a savings of $5.2 million for the taxpayers," Mr. Cleland. By obtaining a lower interest rate on these bonds when they come due the district will have to repay less than the original price when they were sold in 2003. Cleland adds that the savings of the bond refinancing is not money that the district can use in its daily operations and that they still need voters to approve the levy. "This has nothing to do with with the levy and the district still needs support for the levy," Mr. Cleland.
Toledo property owner John McAvoy does not support the levy. "What we would like before Toledo Public Schools asks for more money is to have a performance audit review, the state will come in and look at everything," Mr. McAvoy said. McAvoy went to TPS headquarters to ask Cleland to withdraw the levy request but was told that was not an option. However McAvoy was allowed to place a sign on the TPS grounds urging voters to vote no on Issue 20.