What is a bond and why do we have an election?
Much like a home mortgage a bond is essentially a construction loan that gets paid by a portion of our school property tax. A school district borrows money in the form of bonds to finance new schools and renovation projects. Both are repaid over time, but in order for a school district to sell bonds, it must go to the voters for approval. By law, bond funds may not be used to fund daily operating expenses or salaries. Bond funds may only be used for the projects described in the proposal.
Why is Socorro ISD calling for a bond election now?
Bond 2017 is a continuation of the district’s overall facilities master plan. With the successful completion of Bond 2011, which was intended to meet the facility needs of the district for five years from 2011 to 2016, the district initiated a facilities assessment, land analysis and demographics study in 2016. After completion, the Board convened the 2017 Facilities Advisory Committee to develop a facilities plan that will proactively and equitably accommodate growth and meet the needs of existing campuses and ancillary facilities for the next five years. The FAC recommended the district pursue a bond election to address the needs identified in their assessment.
How did the District determine the bond projects?
The Board of Trustees formed the 2017 Facilities Advisory Committee (FAC) in June 2017. Comprised of 30 community members, representing a diverse group including parents, employees, volunteers, businesses, elected officials and taxpayers as a whole, the FAC evaluated district facilities and demographic data and focused on investing in the district’s established communities, addressing growth in the district and, ultimately, investing in projects that would improve student instruction. The FAC and the Board prioritized the projects in respect of the district’s taxpayers and based on educational impact, equity, and stakeholder input. View the complete information regarding the work of FAC at www.sisd.net/2017-18FAC.
How will new schools be designed and how long will it take to complete projects?
New schools will be designed following proven prototypical designs that meet modern building codes and standards, and reflecting a 21st century learning environment.
The proposed plan is projected to have all projects procured within the first year, with all design and construction being substantially complete within 5 years.
Is every school community being impacted by Bond 2017?
Yes. Students throughout the district will be impacted through improvements at comprehensive high schools, new schools to accommodate growth, support service, and athletic improvements.
How can bond money be used?
Bond proceeds can only be used for long term debt, typically construction projects, improvements, busses and other real property.
What can bond money NOT be used for?
Bond proceeds cannot be used for employee salaries, raises, recurring bills, utility expenses, maintenance costs, rentals, or other operating costs.
What was completed under the SISD Bond 2011?
Team SISD worked diligently to live up to the expectation of “Promises Made, Promises Kept” with successful completion of the voter-approved Bond 2011 on time and under-budget. The responsible management and efficient delivery of the $297.4 million bond program gave SISD students three new elementary schools, one middle school, science labs, the completion of two high schools, and improvements throughout the district. The bond savings of $37.4 million also allowed for additional HVAC and other improvements at four middle schools, plus the addition of a new elementary school without burdening taxpayers. All Bond 2011 projects were completed one year ahead of schedule, well under budget and have provided students with world-class facilities, including top-notch classrooms, new technology, and modern learning spaces.
Socorro ISD has maintained the same total tax rate for six consecutive years. Although the district can raise taxes without voter approval, the Board has maintained a commitment to only assess the amount necessary to effectively and efficiently operate the district. For more information: http://www.sisd.net/Page/56852.
What is the tax impact of the proposed bond package on district homeowners?
A comparison of tax rates amongst area school districts, shows SISD has the lowest rate of the major school districts in the region. At $1.27 per $100 valuation, SISD’s total tax rate is 14 cents lower than EPISD (when the district sells all of its voter-approved bonds) and 19 cents lower than YISD. If approved Bond 2017, will add $0.106 per $100 valuation in 2017-18 or $8.83 per month on a home with a $100,000 taxable value.
What if I am over 65?
If you are over 65 you can apply for a tax Freeze and you will not pay any additional tax. Property taxes for senior citizens 65 years of age and older are frozen and would not be affected by passage of bond issues, as long as they have filed the proper paperwork with the El Paso Central Appraisal District.
Apply and receive that tax Freeze and this bond will cost you absolutely nothing. Click here to learn more about filing your Homestead Exemption.