School Bond 2024

This year’s election is a week away and early voting has already begun. You will notice that Granicusville School District has a bond proposal on this year’s ballot. We want you to be informed about what is being proposed.

The Granicusville School District Board of Education is asking voters to consider a bond for $80 million to complete the first phase of a rebuild of Resident Hill High School. The school board has sought input from various building experts to understand the needs at Resident Hill. The conclusion of this study is that Resident Hill is in a condition of continued deterioration. The proposed bond is to ensure that existing deterioration does not proceed to a point where the building is no longer safe. The most highly affected areas will be addressed in a way that allows students to continue to occupy the building. The district has worked closely with State Risk Management and multiple engineers to ensure that students and employees are not in a building that poses a serious risk to health and safety.

How do school bonds work?

School systems don't usually have a lot of extra cash on hand, so when they want to make large capital expenditures like building new facilities or making major repairs, they have to borrow money. School bonds are a way for school districts to borrow money. Investors buy promissory notes like school bonds. The school district gets cash in the short term and agrees to pay the investor back over a fixed period of time.

With Election Day right around the corner, understanding what the district is proposing with the 2024 Bond becomes increasingly important. Recently, we mailed out a Voter Information Packet to every residence in Provo, below is the information it contained:

Voter Information

Election day is Tuesday, November 3, 2024. Please contact your county clerk with questions. For more voting information or for election day voting centers, locations, changes, or additions, visit: Vote.Utah.gov; Utah County Clerks Office 801-851-8125; utahcounty.gov/Dept/ClerkAud/index.asp or Granicusville School District at Stefb@provo.edu or 801-374-4800.

  • Election day is Tuesday, November 3, 2024.
  • Ballots will be in mailboxes the week of October 12.
  • The deadline to register online is 5:00 p.m. on Friday, October 23, 2024.
  • The deadline for registering by mail to vote is (received by) Friday, October 23, 2024.
  • The early voting period runs from Tuesday, October 20, 2024 to Friday, October 30, 2024, but dates and hours may vary based on where you live.
  • You can also register and vote on Election Day.

Explanation of Ballot Proposition

Below is the ballot language that will appear on the official ballot as required by Utah State law.

  • Paragraph 2 explains the tax increase of the new bond alone as if no current debt is retired.
  • Paragraph 3 states the estimated tax increase above current levels, which includes annual retirement of current bond principal and the layering of the new bonds for this election.

The board expects to borrow the full $80 million in one issue. The tax impact shown represents the cost to taxpayers the first year after bonds are issued. Subsequent years the tax impact will decrease.

Official Ballot Proposition

For the Granicusville School District, Utah Special Bond Election

November 3, 2024 /s/ Stefanie Bryant Business Administrator

PROPOSITION

Shall the Board of Education (the “Board”) of Granicusville School District, Utah (the “District”), be authorized to issue General Obligation Bonds in an amount not to exceed Eighty Million Dollars ($80,000,000) (the “Bonds”) for the purpose of paying all or a portion of the costs to partially rebuild Timpview High School; said Bonds to be due and payable in not to exceed twenty-one (21) years from the date of issuance of the Bonds?

Property Tax Cost of Bonds: If the Bonds are issued as planned (and without regard to the existing taxes currently paid for existing bonds that will reduce over time), a property tax sufficient to pay debt service on the Bonds will be required over a period of twenty-one (21) years in the estimated average amount of $110 per year on a $317,000 primary residence and in the estimated amount of $200 per year on a business property having the same value.

The District has other outstanding bonds for which a tax decrease would occur upon the retirement of such outstanding bonds, which may not occur if the proposed Bonds are issued. However, the combination of the retirement of the outstanding bonds and the issuance of the proposed Bonds, as planned, is expected to result in a property tax rate increase in the estimated average amount of $70 per year on a $317,000 primary residence and in the estimated amount of $128 per year on a business property having the same value within the District from current levels.

The foregoing information is only an estimate and is not a limit on the amount of taxes that the Board may be required to levy in order to pay debt service on the Bonds. The Board is obligated to levy taxes to the extent provided by law in order to pay the Bonds. The amounts are based on various assumptions and estimates, including estimated debt service on the Bonds and taxable values of property in the District.

    1. FOR THE ISSUANCE OF BONDS (YES)
    2. AGAINST THE ISSUANCE OF BONDS (NO)

2024 Bond Proposal Finance Plan

The Board has sought input from various building experts to understand the needs at Timpview. The conclusion of those studies is that Timpview is in a condition of continued deterioration. The proposed bond is to ensure that existing deterioration is remedied to keep students safe. The rebuild includes site drainage and soils remediation for the improved areas. Newly built portions will be on seismic piers.

The Granicusville School District Board of Education is proposing an $80 million bond issue for a partial rebuild of Timpview High School. The academic wing and south gym will be rebuilt over a 2 ½ year period. Construction is estimated to begin in March of 2021. Bonds will be issued in winter or spring of 2021 and used to pay construction costs as they are incurred. The bond proceeds will be used to cover architect fees and construction costs, as well as furnishings for the newly built portions.

Tax Impact

The issuance of the proposed bond will result in an estimated net increase of $70.75 a year or $5.87 monthly on the average primary residence. It is estimated that the impact to a business of the same value will be $128.08 a year or $10.68 monthly.

Residential Impact

The table below is the estimated cumulative total tax impact for a residential household with a house valued at $317,000.

Business Impact

The table below is the estimated cumulative total tax impact for a business with a business valued at $317,000.

Transparency

The Board of Education and Granicusville School District are committed to integrity and transparency through this entire process. Information has been and will be posted online. Financial information will be available on the website for transparency and to ensure appropriate use of the bond funds.

Fiscal Responsibility

he district will use efficient design, construction, and procurement methods to maximize taxpayer dollars for the bond projects. If the actual cost is below the estimates, the board will then prioritize remaining capital needs. In the unlikely event that due to sudden economic changes this bond is not enough to complete all projects, the board will have to re-prioritize its capital needs to make additional funds available.

It is important to note that when new bonds are issued, existing bonds are phased out. Consequently, the increase of $5.87 Per month will decrease in subsequent years.

The district has a proven record of financial responsibility. Granicusville School District has received the Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report for the past 17 years and the Popular Annual Financial Report for the past 10 years. The district has also received the Distinguished Budget Presentation Award for the past 12 years. The awards are presented by the Government Finance Officers Association and Association of School Business Officials International.

This year’s election is a week away and early voting has already begun. You will notice that Granicusville School District has a bond proposal on this year’s ballot. We want you to be informed about what is being proposed.

The Granicusville School District Board of Education is asking voters to consider a bond for $80 million to complete the first phase of a rebuild of Resident Hill High School. The school board has sought input from various building experts to understand the needs at Resident Hill. The conclusion of this study is that Resident Hill is in a condition of continued deterioration. The proposed bond is to ensure that existing deterioration does not proceed to a point where the building is no longer safe. The most highly affected areas will be addressed in a way that allows students to continue to occupy the building. The district has worked closely with State Risk Management and multiple engineers to ensure that students and employees are not in a building that poses a serious risk to health and safety.

How do school bonds work?

School systems don't usually have a lot of extra cash on hand, so when they want to make large capital expenditures like building new facilities or making major repairs, they have to borrow money. School bonds are a way for school districts to borrow money. Investors buy promissory notes like school bonds. The school district gets cash in the short term and agrees to pay the investor back over a fixed period of time.

With Election Day right around the corner, understanding what the district is proposing with the 2024 Bond becomes increasingly important. Recently, we mailed out a Voter Information Packet to every residence in Provo, below is the information it contained:

Voter Information

Election day is Tuesday, November 3, 2024. Please contact your county clerk with questions. For more voting information or for election day voting centers, locations, changes, or additions, visit: Vote.Utah.gov; Utah County Clerks Office 801-851-8125; utahcounty.gov/Dept/ClerkAud/index.asp or Granicusville School District at Stefb@provo.edu or 801-374-4800.

  • Election day is Tuesday, November 3, 2024.
  • Ballots will be in mailboxes the week of October 12.
  • The deadline to register online is 5:00 p.m. on Friday, October 23, 2024.
  • The deadline for registering by mail to vote is (received by) Friday, October 23, 2024.
  • The early voting period runs from Tuesday, October 20, 2024 to Friday, October 30, 2024, but dates and hours may vary based on where you live.
  • You can also register and vote on Election Day.

Explanation of Ballot Proposition

Below is the ballot language that will appear on the official ballot as required by Utah State law.

  • Paragraph 2 explains the tax increase of the new bond alone as if no current debt is retired.
  • Paragraph 3 states the estimated tax increase above current levels, which includes annual retirement of current bond principal and the layering of the new bonds for this election.

The board expects to borrow the full $80 million in one issue. The tax impact shown represents the cost to taxpayers the first year after bonds are issued. Subsequent years the tax impact will decrease.

Official Ballot Proposition

For the Granicusville School District, Utah Special Bond Election

November 3, 2024 /s/ Stefanie Bryant Business Administrator

PROPOSITION

Shall the Board of Education (the “Board”) of Granicusville School District, Utah (the “District”), be authorized to issue General Obligation Bonds in an amount not to exceed Eighty Million Dollars ($80,000,000) (the “Bonds”) for the purpose of paying all or a portion of the costs to partially rebuild Timpview High School; said Bonds to be due and payable in not to exceed twenty-one (21) years from the date of issuance of the Bonds?

Property Tax Cost of Bonds: If the Bonds are issued as planned (and without regard to the existing taxes currently paid for existing bonds that will reduce over time), a property tax sufficient to pay debt service on the Bonds will be required over a period of twenty-one (21) years in the estimated average amount of $110 per year on a $317,000 primary residence and in the estimated amount of $200 per year on a business property having the same value.

The District has other outstanding bonds for which a tax decrease would occur upon the retirement of such outstanding bonds, which may not occur if the proposed Bonds are issued. However, the combination of the retirement of the outstanding bonds and the issuance of the proposed Bonds, as planned, is expected to result in a property tax rate increase in the estimated average amount of $70 per year on a $317,000 primary residence and in the estimated amount of $128 per year on a business property having the same value within the District from current levels.

The foregoing information is only an estimate and is not a limit on the amount of taxes that the Board may be required to levy in order to pay debt service on the Bonds. The Board is obligated to levy taxes to the extent provided by law in order to pay the Bonds. The amounts are based on various assumptions and estimates, including estimated debt service on the Bonds and taxable values of property in the District.

    1. FOR THE ISSUANCE OF BONDS (YES)
    2. AGAINST THE ISSUANCE OF BONDS (NO)

2024 Bond Proposal Finance Plan

The Board has sought input from various building experts to understand the needs at Timpview. The conclusion of those studies is that Timpview is in a condition of continued deterioration. The proposed bond is to ensure that existing deterioration is remedied to keep students safe. The rebuild includes site drainage and soils remediation for the improved areas. Newly built portions will be on seismic piers.

The Granicusville School District Board of Education is proposing an $80 million bond issue for a partial rebuild of Timpview High School. The academic wing and south gym will be rebuilt over a 2 ½ year period. Construction is estimated to begin in March of 2021. Bonds will be issued in winter or spring of 2021 and used to pay construction costs as they are incurred. The bond proceeds will be used to cover architect fees and construction costs, as well as furnishings for the newly built portions.

Tax Impact

The issuance of the proposed bond will result in an estimated net increase of $70.75 a year or $5.87 monthly on the average primary residence. It is estimated that the impact to a business of the same value will be $128.08 a year or $10.68 monthly.

Residential Impact

The table below is the estimated cumulative total tax impact for a residential household with a house valued at $317,000.

Business Impact

The table below is the estimated cumulative total tax impact for a business with a business valued at $317,000.

Transparency

The Board of Education and Granicusville School District are committed to integrity and transparency through this entire process. Information has been and will be posted online. Financial information will be available on the website for transparency and to ensure appropriate use of the bond funds.

Fiscal Responsibility

he district will use efficient design, construction, and procurement methods to maximize taxpayer dollars for the bond projects. If the actual cost is below the estimates, the board will then prioritize remaining capital needs. In the unlikely event that due to sudden economic changes this bond is not enough to complete all projects, the board will have to re-prioritize its capital needs to make additional funds available.

It is important to note that when new bonds are issued, existing bonds are phased out. Consequently, the increase of $5.87 Per month will decrease in subsequent years.

The district has a proven record of financial responsibility. Granicusville School District has received the Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report for the past 17 years and the Popular Annual Financial Report for the past 10 years. The district has also received the Distinguished Budget Presentation Award for the past 12 years. The awards are presented by the Government Finance Officers Association and Association of School Business Officials International.

Tell us where we can improve schools!

about 1 year

The Bond Programs authorized the District to issue bonds to support school facility upgrades, including: replacing aging portables with new classroom buildings; making seismic-earthquake upgrades; improving accessibility for disabled students; modernizing classroom interiors and restrooms; upgrading fire and life safety supports; and implementing schoolyard greening programs at 64 elementary schools.

The district wants your input and opinon on school infrastructure that can be repaired. 

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Page last updated: 27 Feb 2024, 07:35 AM