At the election held on November 2, 2004, Talllmadge City School District voters approved a 4.69 mill levy to support a 28 year, $30,500,000 bond issue to construct and renovate school buildings throughout the District, which primarily meant building a new high schools for grades 9 through 12 and converting the former high school into a middle school. On April 26, 2005 the District closed on a $30,190,000 bond issue that retired notes that had been previously issued for the construction project. The District was able to reduce the par amount of the bond issue from the voter approved $30,500,000 to the $30,190,000 due to premium generated by the bond sale. The 2005 bonds were issued with a combination of serial and term bonds and the sale resulted in a 4.62% true interest cost

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