School board approves resolution to call June 16 bond election for $51.2 million package

The Board of Education, Independent School District No. 1 (Woods County) voted to approve a resolution calling a June 16 special election on a $51.2 million bond package, a measure the board was told would be sold as a series bond program and carry a 15-year plan. Andy Davis of George Smith Corporation, who presented the financing plan, said the ballot figure the public will see is $51.2 million and that the district expects to net about $35.955 million for projects after issuance and interest costs.

Davis said the bond would be structured as a series: the board would approve the full ballot amount but issue bonds in portions over a number of years to stay within the district’s legal bonding capacity and to soften tax impacts. "That's the only number people are going to see is $51.2 million," Davis told the board, adding the district would seek short-term lending to access funds up front and repay over the bond term.

The bond, as presented, carries a planning assumption of a 15-year term and an estimated tax impact of 22 mills that would be levied one time and remain level for the life of the bonds. Davis illustrated voter-facing examples showing approximate annual and monthly increases for typical tax bills and recommended printed materials that let residents calculate the precise impact on their own property tax bill.

Board members and presenters discussed the composition of the net project dollars, which include construction costs, security and IT upgrades, furniture and architect fees. Mr. Shears (as recorded in the meeting) clarified that the net available amount includes projects beyond a single new school, and Davis said interest cost accounts for a substantial portion of the difference between the ballot amount and net project funds.

Davis estimated interest for planning purposes at about 5.25 percent; he said final borrowing costs will be set at the time the district sells bonds and that the net project funds could change depending on market rates. He also confirmed the district will select a construction manager and publicly solicit competitive sub-bids for subcontract work.

The board approved the resolution to call the election by recorded vote. The meeting record shows affirmative votes from Milton, McDermott, Kain, Bingleton and Barton; no opposing votes were recorded. The resolution (agenda item 5.2) includes the $51.2 million ballot figure, a 15-year term, and an election date of June 16 as part of the document made part of the minutes.

Next steps include finalizing election procedures, preparing voter information materials showing the millage impact for typical tax bills, and proceeding with procurement steps and project planning if voters approve the measure.