School Districts are required by state law to ask voters for permission to sell bonds to investors in order to raise the capital dollars required to renovate existing buildings or build new schools. Essentially, it’s permission to take out a loan to build, renovate and pay that loan back over an extended period of time, much like a family takes out a mortgage loan for their home. A school board calls a bond election so voters can decide whether or not they want to pay for proposed facility projects.
Following voter approval of a bond referendum, and only then, with approval of the Board of Trustees, bonds are sold to investors at a competitive or negotiated sale.
Bond proceeds are delivered to the school district about five weeks after the bond sale and are invested until spent during the construction process. The district may enter into contracts for the construction of facilities when proceeds are received.
Bond proceeds can be used only for capital improvements and related costs.
Each year, the Board of Trustees sets a tax rate in two parts. The maintenance and operations rate is used to cover operating costs (salaries, supplies, equipment, insurance, utilities, etc.) while the debt service rate pays off the principal and interest due on bonds.
The total amount of the bond is $41,900,000.
Election Day is Saturday, May 6, 2023. Early Voting begins April 24 and ends May 2. The last day to register to vote is April 6, 2023.
Bond funds can be used to pay for new construction, renovations to existing facilities, land acquisition, and technology infrastructure. Bonds cannot be used for day-to-day operating costs, such as salaries, utility bills, supplies, maintenance, and fuel.
Marshall ISD has been evaluating current facilities and equipment, and district priorities with the Board of Trustees since the spring of 2022. Working with the Board of Trustees, teachers, and administrators from across the district, the facilities planning committee developed a list of requested items to consider for inclusion in a 2023 bond package.
The 2015 Bond proposal only encompassed the building of three new elementary schools, Marshall Junior High School, and the renovation of Sam Houston STEM Academy. No bond funds were used towards Marshall High School. The 2023 Bond would focus on renovations and additions to Marshall High School.
In recent years, MISD’s normal operating budget—which pays for things like salaries, utilities, and supplies—has been used to pay for major updates, such as the renovation of the MHS auditorium, the new Ag Barn, security and safety upgrades, and the soon-to-begin renovation of Marshall Early Childhood Center. We reserve a portion of our operating budget for general repairs, as well as unexpected repairs, but funding major projects from the normal operating budget reduces amounts available for other expenses, such as teacher salaries and academic programming.
This will NOT raise property taxes. Due to state compression of the M&O tax rate, based on current state law the total Marshall ISD tax rate will not increase as a result of the bond election.
Marshall ISD's current tax rate is $1.1517, with $0.8618 of that in M&O tax and $0.2899 in I&S tax.
The purposes authorized by the election will not change. The dollar amounts allocated to each particular project may vary.
Completing one project out of several does not solve the District’s needs. Thus, one proposition will be on the ballot.
Yes. The District expects substantial savings in maintenance and operations costs per square foot of facility with new and renovated facilities.
Entire District: 5,057 (2022-2023) / MHS Enrollment: 1,390 (2022-2023)
The District can choose an amortization schedule for repayment. Typical pay back periods range from 20 to 30 years. The district currently intends to use a 30 year amortization schedule for this proposed bond, although the final amortization will be determined at the time of issuance.