Bond Projects: Promises Made...Promises Kept
Overview and History
On Tuesday, November 2, 2010, voters in the Marana Unified School District approved Proposition #403: Authorization to Issue and Sell General Obligation Bonds.
This authorization provides MUSD the ability to issue and sell $43 Million of General Obligation Bonds for seven years. Bonds are a debt instrument, approved by the voters, which are secured by a school district. They allow school districts to fund capital projects (such as school buses, facility construction, renovations and repairs, computers, security systems) and pay back the debt over time using tax dollars.
Selling of Bonds
Debt structure control requires the District to issue bonds in three separate sales. Less than three separate sales would increase the tax rate.
On January 27, 2011, the Governing Board approved the sale of $14.35 Million in bonds to begin capital improvements and maintenance projects district-wide (Year 1). On January 26, 2012 and April 26, 2012, a total of $14.325 Million (Year 2) was approved. It is the intent of the district to sale $14.325 Million in bonds in year three.
The District has projected not raising the tax rate for the first two fiscal years through their use of Debt Service Funds. Through growth of district assessed valuation and the debt structure, the tax rate is projected to decrease in subsequent years. View Bond Analysis Information
Bond Projects The bond provides for the following capital projects:
o School and Athletic Facilities Renovations and Improvements $16.1 million
o Student Transportation - Purchase of Buses/Vans $12.3 million
o School Security, Computers & Technology Systems $11.1 million
o Land $3.5 million
While the bond does not meet all the district’s capital needs, it will provide the means to respond to the most critical of these needs to provide a safe, efficient, and educationally rewarding environment for students and staff. The district recognizes that the community makes a significant investment to ensure that our students have the best to meet their educational goals. In turn, the district takes its responsibility very seriously of ensuring our facilities, buses and equipment are maintained and function at optimal levels to provide a safe and healthy learning environment for students and staff and to protect the public’s investment.
If you need additional information, please contact:
Dan Contorno, Chief Financial Officer
11279 W. Grier Road
Marana, AZ 85653
email Mr. Contorno
Thank you for supporting our schools!