Questions about the Bond
What is a bond?
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 in order 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.
If the bond election is successful, does the school district immediately incur the debt?
No. The bonds do not cost the district anything until they are sold. Voter approval is simply an authorization for the district to issue bonds. Bonds would be sold in the future as needed to fund the projects. It’s anticipated that the projects proposed in the 2021 bond could span approximately three years.
When was the last bond election in NISD?
The most recent bond election was in May 2021, which was approved by 55 percent of voters. The $737.5 million bond package funded five new schools, a significant renovation to Northwest High School, land purchases, capital improvements, technology devices, and more.
why is there another bond election so soon?
NISD is experiencing unprecedented residential growth which has resulted in an additional 6,180 students in the past five years. Northwest ISD is now considered the fastest-growing school district in DFW, and the May 2023 bond proposal is designed to accommodate an additional 8,400 students.
Where can i find exactly what’s proposed in this bond election?
Visit the Bond Proposal page to see a breakdown of each proposition, detailed project descriptions and what’s planned at each school.
Why are there three propositions on the ballot?
NISD is complying with state law that requires certain project types like stadium-related projects and technology devices to be separated out on different propositions.
Can I vote on all three Bond propositions?
Yes. Voters should record their vote in each of the three bond propositions on the ballot.
WHY ISN’T THE DISTRICT PROPOSING THE VATRE ON THE BALLOT AGAIN?
By law, a Voter-Approval Tax Rate Election (VATRE) can only be held during the November General Election.