NATCHEZ — The Natchez-Adams School Board voted Thursday to seek voter approval to borrow $35 million — which would likely require a property tax increase — to fund a building project.

The district hopes to spend approximately $45 million to build a new high school and renovate most of its elementary schools. The school would obtain the additional $10 million through other sources.

“I believe that this particular project is the most important project that we will have in the community over the last 50 years,” said school board member and former Natchez mayor Phillip West. “I want to get the public to understand how to connect the dots of how important it is to have a top-notch educational system for all kids, regardless as to where they may stand in a socio-economic setting.

“It contributes to the economy, the community, the quality of life and contributes to the safety of the community.”

The board approved a May 23, 2017, special election. The resolution would have to pass with 60-percent voter approval.

The amount a resident would pay in taxes depends on the interest rate the county receives for the bonds and the county’s growth rate.

Over the past five years, the county has averaged approximately a 3-percent growth rate, said financial advisor Warren Greenlee. Greenlee said right now a reasonable interest rate would be in the 3.5-percent range, but Greenlee said predicting interest rates is not an exact science.

On the high end, assuming a 1-percent growth and an interest rate of 4.25 percent, the owner of a residence with a $100,000 assessed property value would pay $99 on the additional 9.90 mills levied. The tax on a $15,000 car would be $45.55.

On the low end, assuming a 1.5-percent growth and an interest rate of 3.5 percent, the annual tax cost for the owner of a residence with a $100,000 assessed property value would be $88 on 8.8 mills levied. The annual cost on a $15,000 car would be $39.60.

The cost per day for the owner of a $100,000 house with a $15,000 car would be 39 cents on the high end and 35 cents on the low end.

The additional $10 million would be funded through a lease program, which would not require additional taxes. The district would pay for the $10 million through bonds coming off the books in 2018 as well as interest revenue from 16th section land.

The district receives approximately $400,000 each year from interest revenue off its 16th section land and up to approximately $600,000 could be reallocated from the Mississippi Adequate Education Program bonds.

Greenlee said the term lease is used by school statute. The school board leases the building to the school district for whatever amount matches the annual payment on the debt side.

Sixteenth section land is set aside by the state for school districts. The district invests the money received from the land through leases for resource rights including hunting, timber or oil.

Natchez-Adams School District Superintendent Fred Butcher said he hoped residents would support the project, as an improved student population would have a wide-reaching impact on the city.

“The project is not only a benefit to students, but the entire community,” Butcher said. “We are hoping this is a gateway to a new and more productive Natchez-Adams County as it relates to industry and bringing jobs into this community.”

The May 23 election date itself might face some challenges, said Adams County Election Commissioner Larry Gardner, who also said the county election commissioners have not been notified about the district’s special election plans.

Gardner said conducting an election is not as simple a process as some might think.

“There are policies and procedures,” Gardner said. “There are a lot of steps that, by law, have to be followed.”

Gardner said that a special election on May 23 would be difficult, considering ballots have to be approved 45 days in advance of the election to allow for absentee balloting.

With a May 23 election, the ballot would have to be approved and printed before April 7 to allow for absentee voting.

Gardner said elections usually cost approximately $20,000 to conduct. A special election would likely cost more, because everything would have to be expedited, he said.

Adams County Board of Supervisors President Mike Lazarus said he had not been notified about the board setting a date for a special election, but that he hoped the school board would wait to put the bond issue on the November special election, which already has two other elections on the ballot.