Early voting begins today for a proposal to refinance existing bonds in the Cabot School District.
If passed by Cabot, Austin and Ward voters in the May 9 election, the Cabot district could restructure, or refinance, existing bonds to access an estimated $41 million to fund various academic and activities projects, district officials said. The overall estimated cost of the projects would be $37,395,000, according to officials. The proposed bond issue would not increase the current 39.5-mill school levy rate, the district said.
"We need to complete several projects and upgrades that will position our district in a good place for the long-term," said Cabot Superintendent Tony Thurman said in a statement about the election. "Construction costs have skyrocketed. In fact, our construction management firm has warned that prices are increasing at least 6% every year. This is the perfect opportunity to continue advancing our district without raising the millage rate of our patrons."
The district plan would fund an estimated $33,275,000 for the following projects:
Two new prekindergarten centers, with community safe rooms. Each center would have 12 classrooms.
A district day care facility.
Renovations to student activities facilities.
A multiuse practice pavilion.
Districtwide flooring upgrades.
Also, the district would build sensory/inclusive playgrounds for children in grades kindergarten-sixth grade at each elementary school. The overall estimated cost would be $1.5 million.
Additionally, the district would replace aging technology and make upgrades to Cabot High School's fine arts auditorium at an estimated cost of $2,620,000.
The ballot asks voters to vote yes or no on a 39.5-mill rate.
The rate includes 25 mills specifically voted for general maintenance and operations, plus 14.5 mills voted for debt service previously approved as a continuing levy pledged for the retirement of existing bond indebtedness, according to the ballot.
The ballot goes on to say that the debt service mills would continue after retirement of the proposed bonds to be issued in the principal amount of $84,715,000 and which would mature over a 30-year period and be issued for refunding outstanding bonded indebtedness, build and equip new facilities, and make additions and improvements to existing facilities.
According to a district fact sheet on the May 9 election, the amount on the ballot -- $84,715,000 -- breaks down as follows:
New funds for projects: $41.5 million.
Funds to restructure existing debt: $41,225,000.
Funds to pay estimated costs of issuing bonds: $1,990,000.