Chesterfield board votes to place up to $100 million bond referendum on November ballot

The Chesterfield County School District Board of Trustees voted to place a bond referendum on the November ballot asking voters to approve up to $100,000,000 in referendum debt to accelerate capital projects tied to the district's recently approved sales tax.

The board acted after a presentation by bond counsel Franny Heizer, who said the bond would be a companion to the sales tax approved by voters and would let the district borrow money now to complete projects sooner. "This bond referendum is structured to mirror or to be a companion to the successful sales tax referendum," Heizer said. She told trustees the request "is recommending that you ask the voters to approve not to exceed a $100,000,000."

Heizer and district staff said the list of projects largely mirrors the sales-tax project list but includes slightly broader language for athletic facility work and other renovations. She told the board the proposed ballot language adds flexibility "with regard to upgrades to athletic facilities" including "renovation, improvement or replacement of existing gyms" and improvements to weight rooms and locker rooms.

Heizer said financial adviser Bob Damron of Compass Municipal Advisors had reviewed the plan and that the district's existing debt structure, together with the sales tax revenue, should cover payments on the referendum debt without raising the district's current debt-service millage. "You would not need a millage increase," Heizer said, adding that the target debt-service millage is 34.75 mills and that the package pairs sales-tax revenue with existing millage to pay debt service. She also noted a signed, certified copy of the resolution must be delivered to the local election office by noon on Aug. 15 under state law.

A board member moved to send the referendum question to the election commission for placement on the November ballot; the motion was seconded and the board voted in favor. Trustees instructed staff to file the required documents with election officials and to coordinate with the district's financial adviser and bond counsel on next steps.

Board members asked procedural and timing questions during the discussion. One trustee observed that asking voters for both the sales tax and borrowing authority simultaneously might have been an alternative; Heizer and other presenters said the current approach responds to voter approval of the sales tax and aims to accelerate construction while minimizing exposure to inflation and cost escalation.

The board's action directs district staff to submit the signed resolution and supporting documents to the local election office as required by state law so the question can appear on the November ballot.