A $55 million bond levy to build a new school in Albany and make major repairs to the other buildings will cost taxpayers less that previously estimated if it passes next month.

Greater Albany Public Schools had estimated tax bills would be $1.74 per $1,000 of assessed property value if the measure passes.

On Tuesday, the district received an updated estimate: $1.63 per $1,000 of assessed valuation.

Two factors brought about the change, Business Director Russell Allen said.

First, though interest rates fluctuate, bond issuing agencies can be more accurate closer to the time the bonds actually are sold. Second, Allen said, the district’s assessed valuation has risen faster than projected originally.

If voters approve, the district will still sell $55 million in bonds, Allen said. But the amount of money needed each of 10 years to repay them will be less.

Allen said bonds most likely will be sold in mid-December. The school district’s bond oversight committee will be called to meet shortly before that, he said.

The Albany School Board appointed committee members in January. They are Tom Gaulke, Mark McNabb, Wes Price, Lisa Shogren, Ron Reimers and Bruce “Buzz” Wheeler.

The committee’s mission, Shogren said, “is to show the community that we are making sure we’re following what we said.”

“A lot of people really don’t trust any state agency, how they spend their money,” she added. “This is a check and balance group to see we are following it exactly. Did Liberty get their boiler? Did West Albany get the improvements that they were supposed to?”

Allen noted the committee will receive information about project bids, but said its role is not to approve purchases or select contractors. Those duties fall to the school board.

“They’re more of a retrospect, assuring dollars expended appropriately,” Allen said. If a project does not meet what the voters approved, he said, their job will be to notify the board.