By Scott Harvey
Bonham – The Bonham ISD has unanimously approved a bond finance plan that is projected to save tax payers millions in interest costs if approved this November.
Additionally, the decision allows the district to remain on schedule to pay off the Finley-Oats Elementary construction bonds in 2020.
Proposed are six tax rate scenarios ranging from a projected increase of .273 to .323 cents. A detailed copy of these scenarios and other facility/bond information can be viewed at www.bonhamisd.org. The board has also agreed to create a Citizen Review Team to assist with overseeing the proposed bond project.
Bonham ISD is asking voters on November 8 to approve a $27.1 million bond that would improve I.W. Evans Intermediate and Bonham High School. According to the district, the bond; if approved, would provide the following:
- Impact for average homeowner in BISD (Average Appraised Value= $83,632): Increase of $18.47/month.
- Term of the proposed bond: 30 years with a clause that allows for acceleration or
refinancing if advantageous to the taxpayers.
- Interest rate of proposed bond: The finance scenarios were built upon the assumption of an interest rate of 4.75%. If the bonds were being sold today, the rate would be approximately
4.25%. If the election is successful, the bonds would be sold around January 2012.
- Affect on existing bond debt (Finley Oates Elementary): Remains on schedule to be paid off by 2020 per the original approval by the voters. However, this debt may be paid off earlier than scheduled.
- The average homeowner in BISD will see their monthly tax bill lowered by $5.72
when the Finley Oates bond is paid off.
Questions can be made by contacting Superintendent Sonny Cruse at sonny.cruse@bonhamisd.org or 903 583 526, ext. 1100.