FAQs
1. What is a bond?
A bond is similar to a home mortgage. It is a contract to repay borrowed money with interest over time. Bonds are sold by a school district to investors to raise funds to pay for the costs of construction, renovations and equipment. Most school districts in Texas utilize bonds to finance renovations and new facilities.
2. How can bond funds be used?
Bond funds can be used to pay for new buildings, additions and renovations to existing facilities, land acquisition, technology infrastructure and equipment for new or existing buildings. Bonds cannot be used for salaries or operating costs such as utility bills, supplies, building maintenance, fuel and insurance.
3. What is a bond election?
School districts are required by state law to ask voters for permission to sell bonds to investors in order to raise the capital dollars required for projects such as renovation to existing buildings or building a new school. Essentially, the voters are giving permission for the District to take out a loan and pay that loan back over an extended period of time, much like a family takes out a mortgage loan for their home. A school board calls a bond election so voters can decide whether or not they want to pay for proposed facility projects.
4. Exactly how much is the proposed bond package?
The Board of Trustees called a bond election in the amount of $385.9 million to be brought before voters on May 7, 2022.
5. How was the bond package developed?
The Aubrey ISD Facilities Planning Committee reviewed and prioritized District facilities relating to student population growth, building age, safety and conditions, and evolving educational deliveries and programs. The Committee represented a broad cross section of the community, including parents, community constituents, and campus and district staff.
The committee met five times and made a recommendation to the Board of Trustees in February 2022.
6. How will the proposed bond election affect my taxes?
There is no planned change to the AISD tax rate as a result of this bond election. Continued future growth in AISD’s Taxable Assessed Values will be necessary for Aubrey ISD to issue bonds.
7. What if I am over 65 years old? Will my taxes go up if the bond is successful?
No. If you have applied for and received the Age 65 Freeze on your homestead, by law, your school taxes on your homestead cannot be raised above their frozen level, unless significant improvements have been made to the home. Also, there is no planned change to the AISD tax rate as a result of this election.
8. What if I am over 65 years old and receive the “Senior Citizen Exemption” and my home value goes up, will my taxes increase?
The appraised value can change and the tax rate will change, but the amount of school taxes on your homestead cannot increase. Normal repairs, maintenance and the economic impact of the market cannot increase the amount of taxes you will pay once a tax ceiling is in place on that homestead. Therefore, if this bond election is successful, it will not have an impact on the tax bill for homesteads that are receiving the senior citizen exemption, unless you make significant improvements to your home.
9. Who is eligible to vote in this election?
Any registered voter who resides within the Aubrey ISD boundaries.
Learn more about Voter Registration and find out if you are registered.