Texhoma Public Schools Bond 2024 FAQs
What is a school bond issue?
School bonds allow schools to borrow money for construction projects, renovations, equipment, instruction materials and vehicles. Before a school can issue bonds, the patrons must approve the election by 60% approval.
Can I vote in the Texhoma Bond 2024 election?
You must be 18 years old and registered to vote and live within the boundaries of the Texhoma Public School district in Oklahoma. The last day to register to vote for the Texhoma Bond 2024 election is Friday, March 8, 2024. The Absentee Ballot Request deadline is Monday, March 18, 2024.
Why are there two propositions?
Oklahoma state law requires that building bonds and transportation bonds be listed separately on the ballot. The combined total for the Texhoma Bond 2024 is $4,640,000.
What is a millage rate?
A millage rate is basically a tax rate on property values. This includes land, homes, businesses and equipment or personal property values. Although land and home values differ, the millage rate (tax rate) is the same across the district.
The sinking fund is a specific portion of property tax that is dedicated to pay back bond issues. The current millage rate for our sinking fund is 26 mills.
Will the bond affect my taxes?
The current millage rate for our sinking fund is 26 mills. The proposed bond will maintain the same millage rate for 10 years. In other words, the proposed bond has No Projected Tax Increase.
How was this bond proposal calculated?
The first step was to determine what Texhoma really needed to fix based on greatest need. After several months of consideration, the final project list was selected by the Texhoma Board of Education. At the same time, the school board had determined not to raise the millage rate or tax rate. Lastly, the board did not want the bond to go too long into the future. Based on three factors of Need, No tax increase, and a 10 year term the district worked with our bond advisor to develop the $4,640,000 bond proposal.
Will teachers receive a salary increase because of the bond?
No. State law prohibits money generated by a bond proposal to be used for salaries or operating expenses, such as utilities or fuel.
Can school districts borrow money?
Bond issues are the only way for Oklahoma schools to enter into long-term debt. Because these are such big decisions, bonds require a community vote and 60% approval before a school can borrow money.
What can bond issue proceeds be spent on?
Bond issue proceeds must be spent for improving or acquiring school sites, constructing, repairing, remodeling and equipping school buildings, and acquiring school furniture, fixtures, equipment, uniforms, technology and transportation equipment.
How are bond issues paid off?
Property taxes are collected by the county assessor. As mentioned, a portion of your property tax is dedicated to pay back the bond and is deposited into your sinking fund. This sinking fund can only be spent to pay off the bond.