The Dysart Unified School District had a bond question on the 2006 ballot that was approved by voters. The bond was approved for up to $192 million, however, the district only ended up selling bonds for $122 million. Bonds are typically sold and then paid back over a range of time from 1 to 20-years.
Refinancing Saves Over $20 Million in Interest Costs
Dysart consistently monitors for and seeks opportunities to refinance and repay bonds for the benefit of district taxpayers. In the last 10 years, over $20 million in interest cost savings was created for taxpayers through the refinancing of three prior bond issues with average rates ranging from 4.0% to 5.8% to new rates ranging from 1.6% to 2.8%. In this situation, the district does not get to spend more money or use the savings in other areas, instead, this savings solely benefits taxpayers by lowering the bond tax rate. It does not lengthen the payback period, which goes through 2027. Though bond rates remain low in the current market, outstanding bonds are not currently able to be redeemed earlier than the designated payback period and the district does not have an opportunity to refinance at additional savings. However, it is anticipated that the ability to do so should present itself in the next couple years.
How Was the 2006 Bond Spent?
Enhancements to 5 new elementary schools and 2 new high schools, beyond the funding provided by the Arizona School Facilities Board for construction of these new schools.
Construction of new, replacement buildings for Luke Elementary and Surprise Elementary.
Upgrades of Valley Vista High School academic, athletic and performing arts facilities.
Purchase of land, and construction of District Support Center and District Office.
Acquisition of buses
Renovation of Dysart Elementary School, Dysart High School academic building and track.
Upgrades at 17 elementary schools and 2 high schools, including construction of shade structures and playgrounds.