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Bond Quick Facts
What is a General Obligation (G.O.) Bond?
A general obligation bond (GO) is one method a school district may use to borrow money for construction projects as provided in Iowa Code Chapter 75. General obligation bonds are issued and backed by the credit of the school district and its taxing authority. Unlike a personal loan an individual would obtain at a local bank, the general obligation bond does not require assets to be used as collateral. School district voters must approve before General Obligation bonds can be used. State and Federal laws tightly control this debt issuance process.
What is needed to pass the bond?
- Petition signed by 25% of the number of voters who voted in the last school board election
- Board approval of the petition to move forward with the question placed on the ballot
- April 3rd, the bond will pass if 60% vote yes
How will this affect my taxes?
Passing this bond will not increase the amount that patrons living in the Gilbert School District currently pay. It will extend the number of years that you will pay the same amount. Click HERE to view more information about taxes.
How did the board decide on these projects?
The board thoroughly conversed while listening to ideas from patrons, staff and administrators. Using these 3 priorities to guide their decision:
- Security, Safety & Comfort
- Academic space
- Activity & Athletic
The board categorized the needs from the final study provided by Haila Architect along with being financially responsible, the projects outlined in Project Scope by School were unanimously agreed upon.
Who can vote?
Any eligible voter (at least 18 years of age) that lives in the Gilbert School District boundaries. Please call the district office 515-232-3740 if you are not sure if you live in the district boundaries.
What happens when the bond passes?
If the bond passes on April 3rd, Gilbert Schools will move forward with the projects outlined by Haila Architecture over the next 1-3 years. Projects categorized in priority 1 (Security, Safety & Comfort) will be the projects that begin first.
What happens if the bond does not pass?
If the bond does not pass, the school board will re-evaluate the projects included, gather more community & staff input and reassess the option to try again at a later date.