A 48-member citizens bond committee has been formed to consider a possible general obligation debt election in November for Maricopa County Unified School District No. 80.
The bond committee will review the district’s growth needs and report on its findings to the school board, which can then call an election.
School officials estimate the district has $89 million in capital needs over the next four years to build two new schools and to maintain and upgrade existing facilities.
The district’s property tax rate of $1.31 per $1,000 of assessed value will drop to 85 cents per $1,000 later this year as existing debt is retired. Officials said any bond proposal would result in a lower property tax rate than is currently being levied.
Voters approved a $91.6 million bond package in November 2006. The authorization was exhausted with a $58.7 million sale in August 2008.
The district’s debt is rated AA by Standard & Poor’s.