Bond issues are financing tools used by school districts to pay for capital projects, such as new buildings, renovations, or land purchases. In a bond issue, districts ask voters if they can issue bonds to borrow money to cover the costs of facility needs and pay them back with property revenue.
A no tax rate increase bond issue is exactly what it sounds like. On the April 6th ballot Mansfield patrons will be asked to vote on a bond issue that does not increase (or decrease) the district’s current debt service tax rate.
The ballot would extend the amount of time taxpayers are supporting the district’s current debt service tax rate. Holding the debt service tax rate at the current rate will create enough revenue to fund the district’s proposed plans to build a community storm shelter which will also serve as a fine arts building, renovate the main entrances to the three school buildings to enhance safety and efficiency, and renovate restroom facilities in the MS and HS. The district will not ask for additional taxes in this bond issue!