CSD Board Authorizes 8% Borrowing Authority to Construct New Elementary School

The Clover School District (CSD) Board of Trustees unanimously approved a resolution at last night’s meeting to construct the district’s eighth elementary school.  The resolution allows the district to begin borrowing “8% money,” while at the 46-mills threshold that was promised during the bond campaign.

 

The proposal was approved following a letter to district taxpayers and a public hearing at the Board’s last meeting on June 12. The district currently has 20 mills of debt on old bonds and will take on 26 mills of new debt using the 8% borrowing authority. Over the next three years, this borrowing plan will accumulate the $52 million needed for a new elementary school to address continued growth in the district. Building permits have been issued for more than 2,600 homes within district boundaries. These houses are expected to generate approximately 500 new elementary students by 2027.

 

Simultaneously, the district will issue Bond Anticipation Notes. This is interest-only borrowing that will have no effect on taxpayers. The Bond Anticipation Notes will total the $156 million needed to construct the district’s second high school.

 

The combined 8% debt and Bond Anticipation Notes will be combined in 2026 to sell the long-term bonds approved during the 2022 Bond Referendum. The repayment of these bonds will be complete in 2050.

 

Even at 46 mills, CSD will continue to have the lowest millage rate of the four school districts in York County. The estimated tax increase under the plan is $104 per year on a $100,000 home.

 

Both ES #8 and HS #2 will be constructed on the Daimler Boulevard property already owned by the school district. A groundbreaking ceremony is scheduled for mid-August, and construction is expected to begin later this fall. Both schools are expected to open in the Fall of 2026.