MISD bond passes

By Lauren Ricks

May 14, 2008 10:27 am

— Malakoff voters approved a $7 million bond during Saturday’s election.
The bond was proposed by the Malakoff Independent School District Board of Trustees in January. Malakoff Superintendent Dr. John Spies said the bond carried, 339 for to 153 votes against.
A total of 492 voters turned out to cast their ballots.
“We are just excited the voters gave us a chance to do some things for our students,” Spies said.
The bond will be used to pay for a 10-year plan to upgrade Malakoff High School and Malakoff Middle School. It will also pay to replace buses and technology. Spies said the replaced technology will mostly be computers and projectors.
According to Spies, the bond will not raise MISD taxes. The total tax rate will continue to be $1.16 per $100 valuation.
The district plans to move five cents from a fund that pays operating expenses to the fund designated to pay for bonds. Spies said the transition will begin next year.
Maintenance and Operations (M&O) is currently $1.03 per $100 valuation. It will go down to 98 cents. The Interest and Sinking (I&S) is 13 cents per $100 valuation. It will go to 18 cents.
“The reason for that is because we are a property rich district. Any revenue we get from the M&O side, we have to send a portion back to the state. What we get from the I&S side stays in the district,” Spies said.
He said the shift will allow the district to keep an additional $100,000 to $150,000.
Shifting the funds lowers the amount of money Malakoff sends to the state under Chapter 41, better known as the Robin Hood Plan.
Also Saturday, Clyde Tinsley and Jane Shelton won their elections for Malakoff ISD school board.