Letter to the Editor

Facts to Know Before You Go!

Posted

Dear Editor,

Who wouldn’t want the best affordable educational facilities for Pampa’s school students?! Are these proposed bonds affordable? That’s for you, the PISD voter to decide! Below are additional facts and numbers for you to peruse and to consider when voting. This information is simply to give you more insight about the bond issue. A more informed person is a wiser voter! This is not to try to persuade you to vote for or against! It is a two part bond issue being part A at 62 million dollar face value and part B at 68 million dollar face value. If you understand the PISD advertising, we are not supposed to pay on proposition B but, new industry and energy industry will pay for it. Proposition A being valued at 62 million dollars will actually total at $125,891,071 after the bond company interest of $65,891,071 is added to the face value. The bond interest rate is supposed to be 4.57% to mature in 30 years. The tax impact annually will be: $50,000 home/ $108.42, $100,000 home/$216.83, $125,000 home/$271.04, $200,000 home/$433.66, and a home of $250,000/$542.08.

The exception, over age 65 citizens who have a homestead exemption will not be affected. On any other real estate they may own, that property will be impacted by a tax increase. Renters could be affected when the rental property they are in gets a tax increase to the point where the owner finds it necessary to increase rent to help offset the tax increase they experienced. These tax increases are of course, over and above or in addition to what you are now paying. There is also an outstanding remaining debt balance from the 2007, PJH bond that is scheduled to mature in 2037. Currently that balance including interest is $42,327,297 as of 4/5/2023. Therefore, the total debt that will be owed if the bond passes will be $168,218,369 (one-hundred sixty eight million, two hundred eighteen thousand, three hundred sixty eight dollars) as of this writing. There are several good elements to these bonds: some maybe not so much! There is one element that some parts seem fairly good but, overall it appears to be a modified redo of a 2015, failed bond that was rejected by the voters. Regarding the overall debt, sometimes there can be some early pay-off of some debt thereby lowering the cost somewhat. These figures are true and correct as far as known of now. As was stated early on, this is provided for additional fiscal information not to have you vote for or against this bond issue. Hopefully, you will vote with your own judgement and not be persuaded by emotions or platitudes from others! Whatever your choice please vote, urge others you know to vote. Your vote counts the most in local elections. The last census of Pampa, was reported to be 16,474 individuals. Of that number far fewer are able to vote and pay property taxes!

May God Bless

Respectfully,

J. Cleo Meaker