(COLON) - Voters in the Colon Community School District will be presented with a sinking fund renewal on Tuesday.
The current sinking fund was approved in 2019. If the renewal is approved it would be for the same amount of 1.2 mills for an eight year period.
Colon Superintendent Rick Hilderley says that a sinking fund is different from a bond, and that the money from a sinking fund can only be used for certain projects such as roofs, boilers, parking lots and window glazing, and other things that have to be kept up around the district. The sinking fund brings in approximately $300,000 annually and allows Colon to handle those types of projects. (LISTEN ABOVE).
The sinking fund allows for the School District to use money in their General Fund for staff and student needs.
Olivia Spidle, Colon Community Schools Director of Operations says the sinking fund has been used for restructuring of the Colon Elementary parking lot, resurfacing the High School track and coils for the HVAC system.
Polls will be open for Colon Community Schools voters from 7 AM until 8 PM.