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Spearman ISD ballot will include three bond propositions totaling $9.225 million
Summary
Propositions on the May 3, 2025 ballot would authorize $1.2M for athletic facilities, $3.275M for school buildings/buses/safety equipment, and $4.75M to refund 2021 debt; voter information documents list estimated interest and combined principal-and-interest totals and note the district's outstanding debt.
Spearman ISD will ask voters on May 3, 2025, to consider three separate bond propositions totaling $9,225,000.
Proposition A would authorize $1,200,000 for construction, acquisition and equipment of athletic facilities (including rehabilitation/renovation). The Voter Information Document lists estimated interest on Proposition A of $375,725 and combined principal and interest of $1,575,725.
Proposition B would authorize $3,275,000 for construction and equipment of school buildings in the district, the purchase of new school buses, the retrofitting of buses with emergency/safety/security equipment, and purchase or retrofitting of vehicles for emergency or security use. The estimate for interest on Proposition B is $1,026,930.21, for a combined principal-and-interest total of $4,301,930.21.
Proposition C would authorize $4,750,000 to refund all or a portion of previously issued maintenance-tax obligations (the district's 2021 maintenance-tax note and limited tax refunding bond). The Voter Information Document lists estimated interest of $1,210,586.96 and combined principal and interest of $5,960,586.96 for the proposition.
The exhibits filed with the order state the district's aggregate outstanding principal as $7,679,000 and remaining interest as $885,854.60 as of the order date. The Election Order and Voter Information Documents state that each proposition's ballot language and voter materials will note the measures as property tax increases under the phrasing required by law. The materials also state the district's ad valorem debt service tax rate as of the adoption date: $1.0232 per $100 valuation.
The board approved the order to put these propositions on the ballot during the Feb. 27 special session. Voters will decide whether to authorize the district to issue the bonds and levy taxes sufficient, without limit as to rate or amount, to pay principal and interest if the measures pass.
