A bond is similar to a home mortgage. It is a contract to repay borrowed money with 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 renovations and new facilities.
HOW CAN BOND FUNDS BE USED?
Bond funds can be used to pay for new buildings, additions and renovations to existing facilities, land acquisition, technology infrastructure and equipment for new or existing buildings. Bonds cannot be used for salaries or operating costs such as utility bills, supplies, building maintenance, fuel and insurance.
WHAT IS A BOND ELECTION?
School districts are required by state law to ask voters for permission to sell bonds to investors to raise the capital dollars required for projects such as renovation to existing buildings or building a new school. Essentially, the voters are giving permission for the district to take out a loan 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.
EXACTLY HOW MUCH IS THE PROPOSED BOND PACKAGE?
The Board of Trustees called a bond election in the amount of $138,679,000 million to be brought before voters on November 6, 2018.
HOW WAS THE BOND PACKAGE DEVELOPED?
Development of the bond proposal was an in-depth process of information gathering, research and community input. The Board of Trustees worked with staff for more than a year to study growth trends, facility assessments, financial data and a community-wide survey before voting unanimously to call for a bond election.
WHO IS ELIGIBLE TO VOTE IN THIS ELECTION?
Any registered voter that resides within the Abilene ISD boundaries.
CAN I STILL REGISTER TO VOTE IN THE ELECTION?
The deadline for voter registration is October 6, 2018. If you are not registered to vote by this deadline, then you are not eligible to vote in this election. The Texas Voter Registration Application can be found online here, or applications can be picked up at any Post Office, library or Department of Public Safety location.
AFTER I HAVE REGISTERED, WHEN WILL I RECEIVE MY VOTER REGISTRATION CERTIFICATE?
You should receive a Voter Registration Certificate within 30 days. On Election Day, please bring your certificate to your local polling place if you have it. However, all that is required to vote is a valid driver’s license.