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Board orders special bond election for $48 million in November
Summary
The board adopted a resolution calling a $48 million bond election this November; consultants projected an average annual tax increase of about $29.91 per $100,000 of assessed value (about $43.28 for the district's average home), and staff said the district has statutory capacity to seek the authorization.
The Casa Grande Elementary School District Governing Board voted to order a special bond election in November and authorized district officials to take related administrative steps.
Megan Burke, who presented bond financing options, recommended a $48 million authorization and explained voter-information requirements and estimated tax impacts. Burke said the district's statutory capacity would allow issuance up to about $79 million and that the district has outstanding debt from the 2016 authorization totaling roughly $32.11 million. She summarized typical debt-service levels, saying annual principal-and-interest payments are currently about $3.5 million to $4 million and decline in later years.
Burke said the voter information pamphlet must show a projected average annual tax rate for a $100,000 home and for the district's average home value. She presented the required disclosure numbers: an estimated $29.91 per year for a $100,000 home and $43.28 per year for an average home value the district uses ($144,000). She said the district would likely sell the authorization in three series if voters approve it and that the board must adopt a resolution now to meet county timelines for a November election.
During board discussion, members asked how the district's proposed authorization compares with others; staff said the high school district and city were considering their own authorizations and offered to provide precise figures later. Superintendent Dr. Lecky said the board had carefully weighed community impact and polling results in recommending the size.
Mrs. Martinez moved adoption of the resolution ordering the special bond election and authorizing district officials to comply with applicable Internal Revenue Code sections; Mrs. Sisson seconded. Roll call recorded Aye votes from President Varela, Mrs. Martinez, Mrs. Sisson, Mr. Stabley and Mr. Shute; the motion passed.
Ending: With the resolution adopted, district staff will work with county election officials and bond consultants on voter information materials and the November ballot; the board and administration emphasized outreach to inform voters about proposed projects and tax impacts.
