Board approves bond redemption, hears plan to defease $15.5M in bonds and considers proposed 1.07 tax rate

The Goose Creek Consolidated Independent School District board unanimously authorized a resolution to redeem outstanding bonds after a presentation from Chief Financial Officer Bridget Clark on certified values, debt management, and a proposed tax rate.

Clark said the district plans a bond defeasance to retire $15,525,000 of outstanding Series 2019A bonds; that transaction is projected to reduce future interest costs by approximately $7.4 million. She described a forthcoming bond refunding and said both items will be presented in action items later this fall.

Clark also outlined tax-rate terminology and the district’s numbers: certified value growth has driven an increase in the district’s revenue base; the proposed voter‑approved tax rate (VATER) is 1.07, with an M&O portion of 0.745 and an I&S portion of 0.3255. That proposed rate exceeds the no‑new‑revenue M&O rate (0.7229) by 0.0221; Clark estimated the difference in local revenue from losing copper pennies could be about $3.55 million per year and that the typical homeowner on a $300,000 appraised home would see less than a $3 monthly change depending on exemptions.

Trustees approved the redemption resolution on the night’s consent motions. Clark noted the formal tax-rate vote will occur at the October 6 board meeting and that a supermajority (5 of 7 trustees) would be required to approve a voter‑approved rate above the no‑new‑revenue threshold.

No tax-rate vote took place at this meeting. The board also discussed the mechanics of enrichment pennies and the risk of permanently losing those pennies if the board adopts a lower rate without a future election to restore them.