What is a bond?
A bond is similar to a home mortgage. It is a contract to repay borrowed money with a stated interest rate over time. In Texas, most school districts utilize bonds to finance construction, renovations, and equipment.
Why is the District holding a May 2022 bond election?
- To improve campus safety
- To modernize the learning environment for our students
- To upgrade extracurricular spaces
- To help recruit and keep quality staff
How is the District’s tax rate configured?
A school district’s tax rate is comprised of two tax rates: the Maintenance & Operations tax (M&O) and the Interest & Sinking tax (I&S). The M&O rate is used to operate the school district, including salaries, utilities, furniture, supplies, food, gas, etc. The I&S rate is used to pay off school bonds. Bond sales only affect the I&S rate. BVISD ISD’s current M&O rate is $0.9452 and the I&S rate is $0.00 for a total tax rate of $0.9452.
What will this bond cost?
For a BVISD home valued at $75,000, this bond will cost about $15.40 a month.
Will this bond increase taxes for over-65 voters?
No. If a homeowner receives the Age-65 Freeze on his or her homestead, the school taxes are frozen and cannot be raised above the frozen level unless significant improvements beyond normal repairs or maintenance are made to the home. Examples of a “significant improvement” would be adding a garage, building a game room, or adding a swimming pool to your property.
How does the solar farm impact the District’s tax base?
The Greasewood project is currently valued at $256M, or about 22% of the total property value in the District.
When was the last bond election in BVISD?
In 2010, voters approved a $1,500,000 bond to renovate and add on to the School Building.
Have the proposed projects been designed yet?
No. The square footages and estimated costs have been determined, but the design would happen after voter approval with teacher, staff, and administrator input on how to best implement BVISD’s program goals.
Can bond money be used to pay teacher salaries or give teachers a raise?
By law, bond funds cannot be used for payroll expenses or any daily operational costs such as utilities, supplies, fuel, and insurance. Instead, bond funds can only be used for new buildings, additions and renovations, land acquisition, technology infrastructure and equipment, or school buses.
What happens if the bond fails?
The Board would revise the proposal and try again in the future. In the meantime, the Administration would continue using money from our operations budget to repair and maintain our facilities.
Would the schools be open during construction?
Yes. The projects would be phased for minimal disruptions to the learning environment. BVISD administration will create a plan to maintain student and staff safety during construction.
Who can vote in this bond election?
Anyone at least 18 years of age by May 7, 2022 and living within the boundaries of BVISD is eligible to vote. You must be registered by Thursday, April 7 in order to participate in this election.
How do I know if I’m registered to vote?
You can check your voter registration status at www.votetexas.gov.
How will the ballot be worded?
There will be 2 propositions on the ballot. Voters will choose “for” or “against” each one.
Proposition A will read:
THE ISSUANCE OF $56,000,000 OF BONDS BY THE BUENA VISTA INDEPENDENT SCHOOL DISTRICT FOR THE PURPOSE OF CONSTRUCTING, ACQUIRING, RENOVATING AND EQUIPPING SCHOOL FACILITIES IN THE DISTRICT, THE PURCHASE OF NECESSARY SITES FOR SCHOOL BUILDINGS, AND THE PURCHASE OF SCHOOL BUSES. TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS WILL BE IMPOSED. THIS IS A PROPERTY TAX INCREASE.
Proposition B will read:
THE ISSUANCE OF $4,000,000 OF BONDS BY THE BUENA VISTA INDEPENDENT SCHOOL DISTRICT FOR THE PURPOSE OF CONSTRUCTING, ACQUIRING, RENOVATING AND EQUIPPING HOUSING FOR TEACHERS IN THE DISTRICT. TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS WILL BE IMPOSED. THIS IS A PROPERTY TAX INCREASE.