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WHAT IS A BOND? Taking a closer look at school bonds and how they work

Posted at 10:10 AM, Apr 23, 2024

COPPERAS COVE, Texas — Come May 4, voters across our area will decide on bond proposals for their respective school districts. One of those bonds is Copperas Cove ISD.

The district is hoping $175 million dollars will be approved for building renovations and school safety.

“For Copperas Cove that’s renovations and expansion to Copperas Cove High School. That’s renovations to Fairview Jewell Elementary. Renovations to Copperas Cove Junior High. That’s also safety and security update upgrades,” Copperas Cove ISD Director of Communications Kurtis Quillin said.

So how does a bond impact you—the taxpayer?

“In Texas, public schools don’t receive state funding for facility needs, they have to go to the community and ask for that in the form of a bond election,” Quillin said.

It’s a way the school district borrows money to pay for new schools, upgrades and other projects.

“Each district has a ceiling on what they could legally seek bonds for and that’s whatever that .50 tax rate would generate. We proposed a $175 million bond if that passes, that’s $27.81 per month a house valued at $200,000 before exemptions,” Quillin said.

The community must approve the debt the district would take on and repay over a set amount of time. For example, if Copperas Cove ISD’s bond passes it would be repaid over 30 years.

”We would seek to save the taxpayers money whenever we are able. The last bond in Copperas Cove ISD was in 2005. That has been refinanced in order to save taxpayers money. And it'll be paid off in August 2025,” Quillin said.

By law, money from the school bond cannot and will not be used to fund daily operating expenses such as salaries, classroom supplies, or district expenses.