What is a Bond?
A bond is for a school district what a mortgage is for a family buying a home. A school district borrows money in the form of bonds to finance such items as new schools, renovation and addition projects, buses and technology. Both a home mortgage and a school district's bond are repaid over time; however, for a school district to sell bonds, it must ask voter for approval through an election. By law, money from the sale of bonds cannot be used to fund daily operating expenses such as salaries. Once voters give approval to the school district through a bond election, bond funds can only be used for the projects described.
How can the District call for a new bond election and still keep my tax rate the same as it is now?
Bonds are generally sold for a life of 30 years. Through good fund management, the District has been able to pay off some of the bonds from previous bond programs earlier. The result is that we can now sell new bonds and not have to increase the tax rate to pay them off.
Who can vote in the Pasadena ISD Bond Election?
To be eligible to register to vote in the Bond 2014 election, a person must be:
- a United States citizen;
- A resident of Pasadena ISD;
- At least 18 years old on election day;
- Not finally convicted of a felony, or, if so convicted must have (1) fully discharged the sentence, including any term of incarceration, parole, or supervision, or completed a period of probation ordered by any court; or (2) been pardoned or otherwise released from the resulting disability to vote; and
- Not determined by a final judgment of a court exercising probate jurisdiction to be (1) totally mentally incapacitated; or (2) partially mentally incapacitated without the right to vote. You must register at least 30 days prior to Election Day.