Residents in Magnolia Independent School District are set to vote on three bond propositions on the upcoming November General Election ballot.
According to the election order approved by Magnolia ISD trustees, the bond package would cost taxpayers $516,923,887 before interest.
Voter information documents released by the school district show that the interest would nearly double the cost, increasing the total amount of the bond to more than $1 billion.
Magnolia ISD currently has $430,938,884 in outstanding debt, including interest.
The bond package is broken up into 3 propositions:
Proposition A – $469,557,118 ($928,106,118 with interest) for the construction and improvement of school buildings.
Proposition B – $22,938,470 ($45,340,720 with interest) for the construction and improvement of school athletic facilities.
Proposition C – $24,428,299 ($48,283,799 with interest) for acquiring, constructing, and equipping a new school swimming complex.
Each bond proposition will feature the following ballot language as required by state law: “THIS IS A PROPERTY TAX INCREASE.”
If the proposed bonds are passed by voters, the I&S tax rate, which is dedicated to paying off debt, is estimated to increase from $0.2926 to $0.50 per $100 of assessed taxable property value.
All propositions will be on the November 4 ballot. Early voting begins October 20.
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