This May, Channelview ISD residents will have the opportunity to vote on a $195.4 million bond election.
A bond is similar to a home mortgage. It is a contract to repay borrowed money with interest over time. Bond elections allow communities to vote to give the Board of Trustees authority to sell bonds to pay for items such as school construction, capital projects and land acquisition.
A school district’s tax rate is comprised of two parts. Part one is Maintenance and Operations (M&O) which funds day-to-day expenses such as salaries, general maintenance, bus repairs and fuel, educational materials and utilities.
Part two is Interest and Sinking (I&S) which funds debt repayment for the purchase of new building construction, existing building renovations, land purchases, program-specific equipment, technology and school buses. The Channelview ISD bond election would only affect the District’s I&S rate. By law, I&S funds cannot be used to pay teacher or staff salaries.
Currently, Channelview ISD’s I&S tax rate is $0.356 with the M&O tax rate standing at $1.04 for a total tax rate of $1.396. The current rate is the lowest it has been in seven years and is the second lowest tax rate when compared to surrounding school districts. Over the past seven years, the Channelview ISD Board of Trustees has lowered the tax rate $0.10 from $1.496 in 2012 to the current rate of $1.396.
The last time Channelview ISD held a bond election was a decade ago, in November 2009. Projects included in the 2009 bond were completed on time and on budget by November 2012.