Alvin ISD will have two propositions on the November 6, 2018 general election ballot. Together, the proposals would result in no increase to the tax rate.
PROPOSITION A: $480.5 million School BOND ELECTION
The projects below are included in the Alvin ISD 2018 Bond package and the specific projects were recommended by the CAC.
A bond is similar to a home mortgage. It is a contract to repay borrowed money with interest over time. Bond elections allow communities to vote to give the Board of Trustees authority to sell bonds to pay for items such as school construction, capital projects, and land acquisition.
PROPOSITION B: TAX RATIFICATION Election “Penny Swap”
Proposition B calls for the authorization for the school district to increase the Maintenance and Operations (M&O) Tax Rate by 13 cents, and at the same time, decrease the Interest and Sinking (I&S), or Debt Service, Tax Rate by an equal 13 cents, resulting in no increase to the current tax rate, per school board resolution. This type of TRE is often called a “Penny Swap” because the exchange in pennies is tax rate neutral (no change).
The state contributes funding based on the M&O rate but not the I&S rate, meaning pennies on the M&O rate generate more revenue. The TRE “Penny Swap” would allow the school district to receive an additional $8.4 million annually in state funding, which would enable Alvin ISD to implement the proposed bond program with no increase to the current school tax rate.
A school district must hold a Tax Ratification Election (TRE) when it is asking voters to consider raising its Maintenance and Operations Tax Rate above $1.04. The election provides voters the opportunity to approve, or ratify, the higher rate.
Election Day: November 6, 2018
Early Voting: October 22 – November 2, 2018 Register to vote by October 9, 2018