Spearman ISD Board Approves Calling a May 5th Bond Election

At the meeting last Thursday, Spearman ISD School Board approved an order to call for a bond election to be held in May. The bond will be presented to the voters as follows:

A) Renovation of Recreation Facilities $1.2 Million for track replacement and a walking path with fencing around the track. 

B) General Purpose $3.275 Million for transportation and fleet additions and updates, tennis court resurfacing, and roof replacements.

C) Refunding Bond Series 2021 $4.75 Million to transfer M&O Note Debt to I&S debt. 
A refunding bond is a process where an issuer pays off existing bonds and replaces them with new bonds. The refunding process will allow SISD to transfer maintenance note debt from the District's M&O (maintenance and operations) budget to the I&S (interest and sinking) budget which will free up nearly $5M for the district can use for maintenance and operations over the next ten years. 

The impact will be to add 18.25 cents to the current I&S tax rate. It was estimated to have an annual impact on a typical homeowner in the district of $40.42.

The Board has committed to hold town hall meetings, provide additional information on the bond proposal, and answer all the questions the community might have. 
More to come on the details of the bond projects and the tax impact on the citizens.

In addition to the Bond Election being held, the Spearman ISD will have three Board seats up for election. The filed candidates at the time of printing are the following: Jay Tracy (incumbent), Stephen Batton (incumbent), Anne Marie Pearson, Mike Pearson and Chris Womble. Board President Mark Garnett's position is also up but he has not filed for re-election.