Fact Sheet: Bond 2015
A school bond is similar to a home mortgage. It is a contract to repay borrowed money plus interest over time. Bonds are sold by a school district to competing lenders to raise funds to pay for the costs of construction, renovations, and equipment. Most school districts in Texas utilize bonds to finance renovation and new facilities. Bond proceeds cannot be used to pay administration, teacher or staff salaries.
What is the total amount of the 2015 bond package?
The CISD board of Trustees has unanimously called a bond election for Saturday, May 9th, 2015. The proposed bond package is for $34.8 million.
What components does the bond include?
Why is there a need for a new intermediate campus?
Currently, Greenways Intermediate has 906 students and the building was built to hold 864 students. Last year, Canyon ISD utilized 2 portables for additional classroom space to assist with the immediate growth. South and southwest Amarillo is continuing to build residential homes directly affecting student enrollment at the intermediate campus.
Greenways opened in August of 2003 with 805 students and to address the attendance growth on the campus, Canyon ISD changed boundary lines in 2006 reducing the student enrollment down to 662. Since that time, the campus has steadily grown. Below is a graph of the enrollment history.
History of Greenways Intermediate enrollment
When will construction of new intermediate campus take place?
If the bond passes in the May election, the goal is to open the new intermediate 5th and 6th grade school by August 2018.
Where would the location of the new intermediate school be?
The location of the new intermediate school will be on the east side of I-27.
Why not build another junior high if we are going to build another intermediate school?
Future decisions with Randall High School will determine whether construction of another junior high is necessary. Currently, Randall High School has adequate space for additional students. Canyon ISD Board of Trustees decided to delay a decision to involve the secondary campuses until space at Randall High School is more limited. We will continue to monitor the growth in south and southwest Amarillo.
Why are roof replacements included in the bond?
Canyon ISD has several campuses that need roof replacements that are aged and in poor condition and the expense of a new roof is costly depending on the amount of area needed to be replaced and the type of roofing system that is being installed. Typically, a roof has a life span of 15-20 years and we plan on replacing as many roofs that the budget will allow.
What impact would the bond issue have on local property taxes?
The bond would increase the tax rate by an estimated 5.5 cents per $100 in property valuation. The estimated additional tax for a $100,000 house is $55 a year or $4.59 per month. On a $200,000 house, the additional tax is $110 a year or $9.17 per month.
Each year the Board of Trustees sets a tax rate in two parts, Maintenance and Operations (M&O) tax rate and Interest and Sinking (I&S) tax rate. M&O is used for operating costs (payroll, supplies and equipment, insurance, utilities, etc.) and I&S pays for principal and interest due on bonds. The I&S tax rate would be directly affected by this election.
Filing for a homestead exemption reduces the homeowner’s taxable value by $15,000.
Will this bond issue increase my taxes if I am 65 or older?
No. Taxpayers that are over 65, that have applied for and received a tax freeze, will not have their taxes go above the frozen levy amount/ceiling that was established when the Over-65 exemption was granted on their homestead, except for significant improvements made after the exemption was granted.
History of Canyon ISD tax rate
When is the election?
Election Day is Saturday, May 9, 2015.
Early voting is April 27th through May 5th.
For information on voter registration, visit the state website at www.votetexas.gov .
For further information contact April McDaniel at 677-2600.