INFORMATIONAL SUMMARY PASADENA INDEPENDENT SCHOOL DISTRICT
TOTAL BOND PROPOSAL WHAT IS A BOND? A bond provides immediate funding for long-term capital projects such as the modernization of buildings, new schools, buses, and technology. School district bonds, like home mortgages, are repaid over time; however, for a school district to sell bonds, it must ask voters for approval through an election. Once voters give approval to the school district through a bond election, bond funds can only be used for the projects described. By law, money from the sale of bonds cannot be used to fund daily operating expenses such as salaries.
PROPOSITION A - $281,269,000 4 REPLACEMENT SCHOOLS • Priority Replacement Schools include Williams, Jessup, Bailey, and Parks IMPROVE SAFETY & SECURITY • Video Management System (Security Camera) Replacement • Access Control System Replacement • Server/Switch Gear • Intrusion Alarm Replacement • Fire Alarm Replacements • Parking Lot Lighting Upgrades (LED) MODERNIZE AND RENOVATE SCHOOLS • Heating, Ventilation & Air Conditioning Improvements • Roof Improvements • Electrical System Replacements • Plumbing Improvements • Water Fountain Retrofits to Bottle Filling Stations • Flooring/ Painting • High School Turf Fields • LED Lights - High Schools • Scoreboards - High Schools & Intermediates FINE ARTS • K-12 Instruments & Musical Equipment • Auditorium Repairs CAREER & TECHNICAL EDUCATION UPGRADES • Culinary Arts Infrastructure, Safety & Commercial Equipment • Classrooms & Lab Improvements TRANSPORTATION • New Buses and Improvements The listed projects and improvements were recommended by the 2022 Future Facilities & Planning Committee. Some of the projects may include funding from sources other than bond funds. Completion of certain projects may take several years.
B O N D 2 0 2 2 | I N F O R M AT I O N A L S U M M A R Y
$305,000,000 WHY A BOND? The lifespan of a building, technology or instruments does not last forever. Bonds help a district maintain its schools and continue to provide the very best environment and tools for students. THREE BOND PROPOSITIONS Pasadena ISD conducted a complete facility assessment in late 2021 that identified $305 million in facility needs and organized them into three priority groups (Propositions A, B, & C). Each proposition will be voted on individually as part of the bond package. The 2022 bond referendum will impact every school. The package includes four campus replacements, new state-of-theart safety equipment including new surveillance systems as an increased safety measure, new turf fields at each high school, improvements and renovations to the district’s existing softball complex and stadium track, new instruments, technology upgrades, water fountain bottle filling stations, new buses, and more.
PROPOSITION B - $14,921,000 UPGRADE CLASSROOM TECHNOLOGY AND INFRASTRUCTURE • Technology & Innovation Device Refresh • Networking & Infrastructure • Vehicles for Technology • District Cost after E-Rate Contribution
PROPOSITION C - $8,810,000 RENOVATE & MODERNIZE ATHLETIC FACILITIES • Turf Field at Auxiliary Stadium • LED Lights Retrofit at Maguire Field, Auxiliary Stadium and Softball Complex • Replace Auxiliary Stadium Track • New Maguire Field Concession & Restrooms • Turf Field at Maguire Field and One Softball Complex
Early Voting
APRIL 25 - MAY 3
Election Day
MAY 7
PASADENA INDEPENDENT SCHOOL DISTRICT
There will be NO TAX RATE INCREASE for seniors 65 and older or disabled due to the homestead exemption. FISCAL ACCOUNTABILITY
Pasadena ISD has implemented 9 refunding and 2 prepayment programs to reduce the cost of voter-approved bonds which have generated more than $73.8 million of savings for District taxpayers since 2012. School Financial Integrity Rating System of Texas (“FIRST”): Pursuant to Sub-chapter D, Chapter 39 of the Texas Education Code, the State annually deploys a financial accountability rating system to distinguish the level of a school district’s financial performance based upon certain uniform criteria. SUPERIOR ACHIEVEMENT RATING Based on data for year 2019/20, the District was assigned a 2020/21 FIRST Rating of “A=Superior Achievement” and the District’s score was 96 out of a possible 100 points. Credit Ratings: The District also maintains independent ratings from certain nationally recognized credit rating agencies, such as Moody’s Investors Service and S&P Global Ratings that evaluate the District’s financial strength and its ability to pay its existing bonds. Moody’s Investors Service: Assigns an “Aa2” credit rating to the District, defined as “Judged to be of high quality and subject to very low credit risk.” S&P Global Ratings: Assigns an “AA” credit rating to the District, defined as “Having a very strong capacity to meet its financial commitments.”
TOTAL BOND PROPOSAL = $305,000,000
To address the district needs recommended by the Future Facilities & Planning Committee which includes community members and parents, Pasadena ISD is requesting a Bond in the amount of $305,000,000 with a property tax rate change of $0.03.
$0.03 TAX RATE CHANGE PROPOSITION A ................................................ $0.028 PROPOSITION B ................................................. $0.001 PROPOSITION C ................................................. $0.001 TOTAL TAX RATE...............................................$0.03 HOW WILL TEXAS PROPOSITION 2 AFFECT THE PASADENA ISD BOND TAX RATE? The Texas State Legislature referred two amendments to the ballot related to taxes: • A measure that would authorize the state legislature to reduce the limit on property taxes imposed on the homesteads of elderly or disabled residents to reflect any tax rate reduction enacted by law from the preceding tax year • A measure to increase the homestead exemption for school district property taxes from $25,000 to $40,000. IF TX. PROPOSITION 2
PASSES
State law allows for bonds to be financed for up to 40 years. However, Pasadena ISD limits the maximum term of bond issues to 30 years.
2021 DEBT SERVICE TAX RATE
+ AVG. HOME VALUE
= PROPOSED TAX RATE
$165,000
ESTIMATED SAVINGS PER MONTH
$0.03
($14.55)
IF TEXAS PROPOSITION 2 PASSES = $40,000 EXEMPTION
IF TX. PROPOSITION 2
FAILS
+ AVG. HOME VALUE
$165,000
= PROPOSED TAX RATE
$0.03
ESTIMATED INCREASE PER MONTH *
$3.088
*Based on the average cost of a gallon of milk from Feb. 2022
Last Day to Register to Vote
APRIL 7
WWW.PASADENAISD.ORG Santa Fe Humble 0.3623 0.335
Channel View 0.3474
Galena TX City Park 0.3379 0.34
Goose Creek 0.325
Pasadena 0.31
B O N D 2 0 2 2 | I N F O R M AT I O N A L S U M M A R Y
Visit the Pasadena ISD website to access videos, campus specific information, and all details related to the 2022 Bond. PASADENA INDEPENDENT SCHOOL DISTRICT