With only 15 days remaining to decide whether or not to place a school bond election on the November 3 general election ballot, the Bonham ISD Board of Trustees continued to study the issue in depth at a regular meeting of the school board Monday evening.
Brian Grubbs, public finance vice president with Southwest Securities, addressed the school board to discuss the matter at length. Grubbs went over some of the basic numbers and recent history of Bonham ISD. For example, the last successful school bond election was in 1995 when voters approved a $5.2 million bond package.
Bonham ISD is considering putting a $40 million bond issue before voters and if this is placed on the November 3 ballot, which means the first votes would be cast as soon as October 17 when early voting begins.
Grubbs told Bonham ISD Board of Trustees that he felt a 30-year, $40 million bond package could conservatively be financed for 5.5%.
An average taxpayer with a $100,000 home could expect his or her taxes to go up $361 annually, or about $30 per month.
One notable exception would be taxpayers over the age of 65 who have their school taxes frozen. Grubbs pointed out that this freeze on school taxes was not automatic; residents, upon turning 65, should visit their Appraisal District to apply for the tax freeze. He also explained that any significant improvements or additions to the home could invalidate the tax freeze.
"It's a big number," Grubbs said of the $40 million bond issue the school board is considering putting before voters, "but you have the ability to address an issue of that size."
Grubbs says the District is experiencing growth and he estimates the current tax base of the District to be approximately $525 million.
Bonham ISD Board of Trustees tabled a final decision on this agenda item Tuesday night in order to continue researching the bond election in detail.
If this issue goes on the November 3 ballot and if voters approve the $40 million bond package, tentative plans call for slightly more than $16 million to be spent at Bonham High School.
Another $16 million would be spent building a new I.W. Evans Intermediate facility for fifth graders and sixth graders to be co-located next to L.H. Rather Junior High. Current plans call for two separate and distinct schools. While that concept would not allow for a reduction in administrative personnel, it would allow the side-by-side schools to share some facilities, such as a new gym and cafeteria.
Approximately $6.6 million would be spent to build a new wing at Finley-Oates Elementary to house fourth graders that are currently located at I.W. Evans Intermediate as well as to accommodate expected growth and allow for an expansion of the ESL program.
Bonham ISD Board of Trustees has until September 2 to formally submit this issue in order to have the bond package placed on the November 3 general election. Early voting hours and locations would be announced at that time.
Early voting will be held from October 17 through October 30.