HOW WAS THIS BOND DEVELOPED?
The Board of Trustees appointed a Community Bond Planning Committee of 35 parents, staff members, business, city, and faith leaders who met for 2 months to review Bond 2014 projects, updated enrollment projections, and MISD’s educational mission. They achieved consensus on the anticipated projects in this bond package as well as the timing of the election.
WHAT FINANCIAL CONTROLS DOES THE DISTRICT HAVE TO ASSURE THAT BOND MONIES ARE PROPERLY SPENT?
The District’s new senior financial staff will closely monitor the use of the Bond 2016 monies as part of the District’s effort to build community trust. The District added a bond accountant position in July 2015 to assist in monitoring bond funds. District staff will regularly report at Board meetings on the status of projects and expenditures related to Bond 2016 and such reports will be promptly posted on the District’s website. Additionally, the Internal Revenue Service requires detailed tracking on the use of Bond monies. The District has met this requirement in the past and will continue to meet such requirements.
HAVE THE BOND PROJECT BUILDING PLANS BEEN FINALIZED?
The anticipated bond projects are in the planning stage and have not been formally designed. If voters approved the bond, then the final project and design process will proceed.
Conceptual sketches are available for viewing, on the "Campus Fact Sheets" page, that show the anticipated projects and scope of work at each campus. The planning committee used these preliminary sketches to prioritize projects during their deliberations. These sketches have not yet been formally approved and are subject to change.
HOW IS THIS BOND DIFFERENT FROM BOND 2014?
Bond 2014 focused on new schools to create more student space as well as land acquisition for future growth.
The largest portion of Bond 2016 are District-wide projects to improve and extend the life of existing facilities. These projects include building automation and energy upgrades to save on operation costs.
Bond 2016 also provides for expansion of students programs, such as project-based learning, Career and Technical Education, Fine Arts, PreK, and athletic opportunities for MNT High School and MNT Middle School students.
HOW DOES SAMSUNG FACTOR INTO THIS BOND?
The Samsung Chapter 313 Economic Development agreement significantly reduced the tax impact on local residential taxpayers. This chart shows the average paid by Samsung on bond debt for the past 3 years compared to what residential homeowners have paid. For every $1 of property tax spent on MISD facility improvements in the last 3 years, Samsung has paid on average 42.3 cents and residential taxpayers have paid on average 57.7 cents.
HOW MUCH LONGER DOES THE SAMSUNG AGREEMENT LAST?
Since 2005, the District has negotiated 2 separate Chapter 313 Economic Development agreements with Samsung. The second agreement, signed in 2012, will last for 8 more years. District administrators continue to stay in contact with Samsung leader- ship regarding the agreement.