Ten years down, 10 years to go.

A 1-cent sales tax to pay for a $47 million school district building program was implemented in 1997, but despite generating more revenue than anticipated, the tax will likely be collected until the bonds are paid off in 2017.

Figures from the Cherokee County Treasurer's office show the district is collecting just over $4 million annually from the tax approved by county voters in an August 1994 referendum.

Bond payments range from $3.8 to $3.9 million annually. The bond issue is scheduled to be repaid by 2017.

The 1-cent sales tax is used to make payments on the district's $47 million bond issue of 1997.

The district used these bonds to build Gaffney High School, Limestone-Central, Grassy Pond and Northwest elementaries, finance director Ben Childs said. Renovations and additions were built at Blacksburg Primary, Corinth, Draytonville, Grassy Pond, Alma, and Blacksburg elementaries. A Blacksburg High gym and the school district office were built with the bond money.

"We are collecting about what we need each year to make the bond payments," county treasurer Jackie Williams said. "The law that created the 1-cent sales tax requires any additional amount to be used to lower the debt service millage paid by taxpayers."

The district's debt millage is 26 mills this year. This figure includes the 1997 and 2006 school building programs. The district is using part of its "Eight Percent Money" annual debt limit to finance newer projects like the Gaffney High stadium.

The 1-cent sales tax is collected by the South Carolina Department of Revenue. Revenues are remitted to the Cherokee County Treasurer's Office on a quarterly basis.

Revenues must be on hand to make bond payments over an 18-month period under Act 588.

For instance, if the county treasurer has sales tax revenues in the amount of $3 million on hand one year and $3.8 million is needed to make payments, taxes will be increased to cover the difference. Conversely, if revenues exceed the amount necessary to make payments, the excess is applied to reduce the millage levy for operations and maintenance of the school district for the upcoming year.

The district can not pay off the bonds any sooner than 2014, Childs said. The district did take advantage of an opportunity two years ago to save taxpayer money by selling $32 million in bonds to refinance part of the 1997 bond issue.

District bonding attorney Theo Dubose previously told school trustees that new legislation would be required to use the 1-cent sales tax for any purpose other than making payments on the 1997 bond issue.