School bond sales to be split

Bonds for Auke Bay Elementary School renovation and new turf at Adair Kennedy Park will be sold in two installments over the next two years.

The Assembly Monday night voted for the change as a way to reduce future debt service. The first bonds for nearly $13.2 million would be issued in August. A second bond sale in July 2013 would be for $8.1 million. The bonds will be issued for a 10-year term.

Juneau voters approved the renovation bonds in 2011. Last fall voters approved bonds for the Auke Bay school ground source heat system and resurfacing of the Adair Kennedy turf field.

The projects qualify for 70 percent reimbursement by the state. The remaining debt service on the bonds would be paid from local property tax, estimated to be $10 per $100,000 in assessed value.