URBANA – The Urbana school board voted unanimously Tuesday to abate $1 million in property taxes, as it has done annually since 2010, for construction debt it will pay off using the school facilities sales tax.
The debt is from bonds the school district sold in 2002, when it refinanced.
The board also voted to let the Champaign County clerk know that it will use money from the school facilities sales tax to pay off debt from when the school district sold bonds in 2011 and 2010. That money was used for renovations to King Elementary, its new athletic complex and the renovated auditorium at Urbana High School, as well as various other building improvements.
The school board will approve such resolutions each year until the debt is paid off, said Carol Baker, the school district’s director of business.
Baker said the first abatement was a partial year, in 2010, because the school district didn't receive a full year of the sales tax that year.
"Since then, it has been the full $1 million each year, and will continue until the 2002 bonds are paid in full in 2018," she said.