Key Facts – Nov. 4 Bond ElectionBond Information Session Discussion Points
November 4, 2014 Bond Election
· Bond Election is for $5.6 million.
· Primary use of bond is for expansion of the middle school.
· Other capital projects include installation of sun screen canopies at the elementary school playgrounds and renovation of the old gym at the Sunnyvale School building.
· Sunnyvale Middle School opened in 2006 with an initial capacity for 450 students. Currently, there are 463 students in the middle school, and will grow to 550 by 2016. The passage of this bond will enable us to expand the school's capacity to 700.
· The middle school facility was designed to be expanded when its initial capacity was reached. Core areas, including the cafetorium, library, gym and offices, were built to accommodate 700 and these areas do not need to be expanded.
· While class space exists at the elementary campus, there is not enough space to move an entire grade of middle school students to the elementary campus.
· The Interest and Sinking portion of the school tax rate is projected to increase by 2.3 cents per $100 value if the bond passes. The current taxable value of an average home in Sunnyvale is $277,000. This proposed increase would result in an annual tax increase of $63, or approximately $5 per month. Homeowners over 65 years of age would not be affected by the increase as long as they have applied to have their school tax frozen.
· SISD applied for and was granted access to Qualified School Construction Bonds (QSCB). These QSCB bonds are interest subsidized bonds by the federal government, therefore allowing the District to pay less in debt service and lessen the impact to the tax payers.
· The District has been granted an extension on the QSCB bonds, but the extension expires in May 2015. These bonds must be sold prior to next May in order to receive the government subsidy.
· The bond election is set for Tuesday, November 4th, at Sunnyvale Town Hall. Early voting begins October 20th.