Revisiting the district’s funding capacity for a potential 2026 bond issue, Gasconade County R-2 Superintendent Dr. Jeri Kay Hardy presented preliminary numbers outlining financial capabilities.

“I have met with STIFEL and I have met with Navigate,” Hardy said, referring to the district’s bond underwriter and its construction manager. “Looking at STIFEL’s numbers, if we look at a zero percent growth, looking at the instability right now of the economy, we very easily could afford a $19,225,000 bond issue. If we are looking at a one percent growth, we are looking at a $20,820,000 bond issue. Our debt limit, the amount we are legally able to borrow, the full capacity, is $30,346,672.”

However, the district currently has a little over $2 million in outstanding debt.

“With our outstanding debt, that leaves us at a $28,111,672 funding capacity,” Hardy said. “We always look to the conservative side — our board does. We always try to lean to more of the conservative side. We never know what is going to happen with legislature and try to stay between zero and one percent growth (when predicting future revenue).”

Officials attempted to pass a $16.5 million no-tax-increase bond issue in April 2023, but it failed to receive the 56.7 percent majority vote. The measure ran and failed again in April 2024.

Due to the cost of materials and variety of projects, Hardy said the board could decide to request a $17.5 million bond.

“Construction cost estimates, and we will go over this more at the (Oct. 2) workshop, are $17,710,748,” Hardy said.

Projects include the high school connection to the agriculture building, a field house, a small gym renovation for performing arts, and a renovation of the weight room and locker room. At the middle school, the existing gym renovation project is proposed along with lighting upgrades. Playground replacement at Owensville Elementary School is proposed, and the Gerald Elementary School kitchen and hallway expansion projects are among those being considered.

“We would also need to add turf and resurface the track on that,” Hardy said.

Hardy also outlined the process if the board chooses to run the ballot measure.

“We will meet with Navigate, and the way our bidding process works, we will advertise within local newspapers, but also within other local newspapers,” she said. “Anyone has the opportunity to bid on items. Local people are available to bid, so that opportunity is available to both local and outside contractors.”

The board plans to discuss the information more during its Oct. 2 board retreat.

Board President Glenn Ely added that the community and parents have been an asset in accumulating information and revisiting projects.

“The nice thing is there’s been an immense amount of work from parents in the community, community members, employees in the district, staff, building principals — a really collaborative conversation, which is exciting,” Ely said. “The extra work in relation to the board and at the board workshop, too. It is big, and it’s important that we continue to work to ask questions and clarifications, and feel really confident that these are great priorities that are going to help support our kiddos now, and moving forward. It’s a really exciting conversation to have, and it’s important to continue to be good stewards. The board workshops will help us gain clarity, too.”

“Looking at the major bonding projects, STIFLE has (projected) $17.7 million, but it doesn’t include some of the other projects,” Hardy explained. “They will shore up some projects, but won’t come up with a final bonding number until the (board) meeting in October. Depending on the number of projects the board wants to do, it may be less, or go all the way to $19M, if (the board) wants to get all of these done with no tax increase bond — that means taxes stay the same, but will extend outward for 20 to 30 years, depending on how much it goes for.”