No. Annexations do not affect Van Vleck ISD’s district boundaries and will not affect the 2017 Bond in any way.
We are not proposing new and renovated facilities, because we have outgrown or will outgrow our buildings. We are proposing new and renovated facilities, because our buildings are “past their life.” The average age of our school buildings is 53 years. In addition, our community is growing in its tax base due to industry. That industry picks up over $52 Million of the cost, leaving $36.2 Million to the average taxpayer.
Currently, Van Vleck ISD has the 19th lowest tax rate out of 1,007 public school districts in the state of Texas.
FY 2012: $158,392.94 FY 2014: $207,877.59 FY 2016: $301,358.49
FY 2013: $188,077.78 FY 2015: $272,213.33
No. VVISD will sell what is necessary to complete the proposed projects.
It is likely that all of the bonds will not be sold in one sale, and therefore the tax rate will increase over time to the maximum estimated rate on $0.4071, once all the bonds have been issued.
The District has called an $88.2 million bond election that if approved by voters represents the amount of principal/bonds the District will be allowed to borrow. Per the assumptions used in the analysis the District will amortize the debt over approximately 25-years at 4.50% (conservative interest rate assumption). Therefore the total debt service over the 25-year life of the bonds will be approximately $142,900,000. This is the sum of the principal of $88.2 million and interest of $54.7 million. This works very similar to a home mortgage payment – one borrows the principal needed to purchase the home and pays back the principal plus interest for the life of the loan.
The needs assessment provided guidance regarding which buildings we can or should renovate and which are past their useful life. The VVISD Facilities Advisory Committee received information on renovation options versus new construction and ultimately determined that the fiscally responsible decision was to remodel buildings that are structurally sound (the auditorium, gymnasium, Ag barn, and football stadium), and demolish and rebuild buildings that are past their life (the elementary, middle and high schools).
No. Even if the Tenaris plant were to be annexed, it would still fall within the VVISD boundaries.
No, neither the homestead nor the over 65 exemption can be applied to multiple properties other than the principle residence. Texas law requires school districts to offer AN ADDITIONAL $10,000 residence homestead exemption to persons age 65 or older or disabled.
Texas Tax Code Section 11.13
The historical marker is for the entire district, not the E. Rudd building.
Bond money does NOT pay for the general maintenance and operations of a school – it does NOT pay teachers, run buses, provide food services or maintenance and custodial services. If the bond does not pass, any renovations, remodels, and/or improvements to keep our schools open will come from maintenance and operation funds, which WILL take funds from the education of our children.
The 2017 Van Vleck ISD School Bond is a result of quality community input and careful weighing of options. The bond package was pulled together by a Facilities Advisory Committee made up of 29 community leaders, parents, and teachers representing a cross section of the district. The Committee held seven meetings from March 2017 to June 2017 during which they envisioned the future of education in Van Vleck ISD, took tours of campuses, analyzed a facility condition assessment and demographic data, and received information on school finance and VVISD’s technology plan. The committee prioritized projects and presented their final recommendation to the VVISD Board of Trustees on June 28, 2017. That same night, the Board approved the committee’s recommendation and unanimously called for a school bond election.
The bond does not include funds to demolish the E. Rudd or O.H. Herman buildings, and their future uses will ultimately be determined by the VVISD Board of Trustees. No plans have been made at this point, but area organizations have expressed interest in possibly utilizing the facilities, should they become available.
No. Texas Law requires school districts to offer a $25,000 exemption on residence homesteads. The owner has an ownership interest in the property and uses the property as the owner’s PRINCIPAL residence. The applicant is required to state that the applicant does not claim an exemption on another residence homestead in or outside of Texas.
Texas Tax Code Section 11.13
The designs for the new elementary school, new middle school and new high school approved by the VVISD Facilities Advisory Committee are conceptual designs only. If the bond is approved by voters, all projects will move into a design phase which will take into more consideration items like traffic flow of roads. It is important to note that currently, the high school and middle school designs have only student drop off and visitor parking directly off Highway 35; all student and faculty parking is located on the back side of the facility, entering and exiting off Avenue J.
If approved by voters, the proposed 2017 Bond will construct a new Pre-K – 5th grade elementary school, new middle school, and new high school; provide renovations and upgrades to the existing gymnasium, audiorium and football staduim; and provide funds for eight (8) new school buses. The VVISD Board of Trustees unanimously called for a $88.2 million bond referendum to fund these proposed projects.
Texas law states that no bond can end more than 40 years from the date of sale. Within that limitation, when the school board goes to sell bonds, it will choose an appropriate amortization plan, considering an end date that is appropriate for the asset that will be built/purchased by the bond funds, and that best suits the district’s situation at the time. A “sweet spot” is typically around 25-30 years for a building, because extending it beyond that time frame will accumulate 10-15 years of additional interest payments for a too-small decrease in the interest rate (which impacts tax rate).
Per the estimated market value (less exemptions) of investment provided by Tenaris in the 313 Agreement with VVISD, we estimate that over the life of the bonds Tenaris will pay approximately 59%, or $52,038,000, of the debt service, assuming the current debt structure being proposed.
No. Bonds are available in various lengths of time. VVISD would like to keep the amortization of the technology equipment to bonds 5-years maximum and bonds of 10-12 years for buses.
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