What is a bond?
Just as homeowners borrow money in the form of a mortgage to finance the purchase of a home, a school district borrows money in the form of bonds to finance construction of 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, which are paid from the district’s maintenance and operations (M&O) budget.
What is included in CISD’s bond election?
The $187.5 million bond, with two separate propositions on the ballot, include school renovations and technology upgrades. Under Proposition A, $177.5 million: The bond would address significant renovation needs for all campuses. This includes 10 schools, some of which have not been renovated in several years, and most with decades old infrastructure.
All CISD schools would benefit from the 2021 bond with security upgrades. In addition, outdated building systems such as HVAC, electrical, plumbing, etc. would be replaced, and all schools will receive other renovations. Some of the benefits of these upgrades will directly improve indoor air quality, health and student welfare.
Additionally, funds would go toward new construction, including a new Alderete Middle School and a new Northwest Early College High School with a permanent building, replacing the portables.
Under Proposition B, at $10 million: Allows for the refinancing of funds borrowed for resources needed to support remote instruction due to the pandemic including computers, Canutillo Connect - digital community that provides outside universal internet access, and LED lighting.
How will the CISD 2021 bond affect my taxes if it passes?
Taxpayers would not see a tax rate increase from the bonds, based on District projections. A few combined factors have put CISD in this position, including continued development, the paying down of debt and low interest rates.
For residents 65 years and older, their CISD tax bill will not increase even if their property value increases (excluding property improvements) as long as an approved Homestead and Over-65 exemption application is on file with the Central Appraisal District, and homestead property has been owned as of Jan. 1, of the tax year.
How can the District borrow $187.5 million without raising the total tax rate for Canutillo taxpayers?
There were various conditions that allowed the District the opportunity to borrow $187.5 million without burdening Canutillo taxpayers with an increase to their total tax rate. Those include the current rapid commercial and residential growth of the Canutillo/Northwest area, the District's positive credit rating, the amount borrowed and historically low interest rates.
Which schools would be renovated under CISD Bond 2021?
The bond would address significant renovation needs for all campuses. This includes 10 schools, some of which have not been renovated in several years, and most with decades old infrastructure.
How were the schools chosen that will get renovations?
The District has developed a long-range facilities plan identifying schools with the highest need.
When would construction begin and end on projects?
A general schedule for major projects includes a year of design, three months of bidding and award to contractors and two years of construction. Some projects may require as many as three years of construction due to phasing to ensure safety and limited interruption of students and staff.
Phasing may involve moving functions within the campus, adding portable classrooms, or other solutions particular for each campus. These particulars would be addressed by campus after the design teams are assigned.
Why have more bonds after Bond 2011?
Much was accomplished with the bond passed in 2011. Balances from past bonds are long term investments that span over years and are continually refinanced and adjusted to help keep the total rates for taxpayers down while allowing the District to meet current and future projects. Providing Canutillo ISD students with 21st Century learning opportunities, facilities and experiences is an ongoing investment. Future bonds are needed to adapt to growing areas the District serves as well as renovate additional aging buildings and keep campuses updated for optimal learning.