by Phil Prazan
Des Moines Public Schools announced a new plan to spend $70 million to upgrade 15 schools across the district.
There's a one cent sales tax that all Iowans pay that goes to our public schools. That generates about $27 million a year just for Des Moines Public Schools.
To pay for the renovations, they will sell revenue bonds - kind of like getting a loan from their future money. With that $70 million in bonds, the district is going to completely tear down and build up a new Casady Education Center.
They're also going to add a classroom at Merill Middle School and renovate 13 other schools by doing things like window improvement and making buildings more energy efficient.
"Essentially what we do is we get the money that comes from the sales tax in advance. Just as an individual would take out a house loan and pay for it with their salary, public bodies such as a school district do bonds, which is essentially a loan, then pay for that with revenue," says Phil Roeder from Des Moines Public Schools.
This is the third time the District's sold revenue bonds for about $70 million each time. They have enough future money to do this one more time