Cary School District 26 is looking to issue $20 million in bonds for capital improvements.
Matthew Apgar/Shaw Local News Network
Cary School District 26 could ask voters in November for permission to borrow $20 million to fund improvements to school buildings, according to district documents.
With an emphasis on safety, security, and technology improvements, the school district is looking to issue bonds to get caught up with capital improvement projects, District 26 Director of Finance and Operations David Shepherd said during a recent meeting.
“This is our attempt to make sure that we’re being fiscally responsible and keeping up with our buildings and the maintenance that they need,” Shepherd said.
According to district documents, the list of improvements includes altering, repairing and equipping all of the district’s sites with safety and security upgrades; replacing roofs, doors, windows and boilers; repairing masonry and sidewalks; and renovating instructional spaces.
“Our school facilities are one of our most valuable assets, and we want to maintain the facilities we have now and well into the future,” Shepherd said.
The district is structuring the language of a referendum question that would appear on the ballot in November, working with advisers and attorneys to create a question that is specific enough without being too confusing for voters, Shepherd said.
The improvements will help decrease utility and maintenance costs that are increasing as the buildings age, Superintendent Brandon White said.
“Our buildings were built during a past era where safety was not at the forefront,” Shepherd said.
If the ballot measure is approved, property taxes will go down slightly. But taxes would go down more if the referendum fails, officials said.
“Think about it from the perspective of your house,” Shepherd said. “When you have improvements to do to your house — if you have a new roof to put on — the longer you wait to do that improvement, the more costly it gets.”
Without a referendum, the district would resort to taking money out of its education funds, which would impact the classroom, Shepherd said.
The district wants to finalize the referendum language and have the board approve it in July. The board has until Aug. 19 to approve the resolution.
Shepherd said the district would create a tentative timeline of construction projects and form a political action committee to help educate voters if the referendum question appears on the ballot.