How much weight does the district have to give to potential changes in the valuation of housing stock in Westlake? What happens if the overall valuation drops in Westlake over time?
The district conservatively estimates future tax valuations within the district using historical and prospective data that is available. Statute requires any amount of millage to be certified to the county auditor. The auditor will actually certify what the district is projecting the millage and valuation to be when any levy is imposed. In essence, a check and balance if you will. If the overall valuation drops in Westlake over time, millage on any bond issue would be adjusted to make sure the district can service the principal and interest on the debt outstanding. This is a big sell for investors who actually buy school construction bonds.