Dear Citizens:

The Board of Trustees of the Martinsville Independent School District voted to call for a bond election to be held on November 3, 2009, to allow voters to decide on a facilities improvement plan for our children and our community. This bond passed by a vote of 98 to 54.

Following months of analyzing the facility needs of the children in the District the Board of Trustees called for a bond election in the amount not to exceed $3,000,000. The Board of Trustees decided to retire the current debt of $1.3 million to decrease the tax pennies on the community by $.094. The District has also been approved for a zero percent interest bond through the Federal Government. This rate is estimated to save the District approximately $2,700,000 when compared to a traditional Bond rate and estimated to allow the district to pay the debt off in 15 years.

THE PROGRAM:

It is currently the District’s plan to use the proceeds from the bonds to construct a new Elementary campus housing Kindergarten through grade 6, a Science Lab, and Computer lab.

Teresa Weaver, President

Archie Haddox, Vice President

Fig Newton, Secretary

B.J. Gross, Member

Craig Mueller, Member

Hoss Stanaland, Member

Ray Whitehead, Member

WHAT IS THE PROPOSED PROJECT?

• New Elementary School
• Grades K through 6th
• Approximately 20,000 square Feet
• Core facilities for 280 students
• Proposed to include 14 classrooms
• Proposed to include new science facility & computer lab

WHERE WILL THE NEW ELEMENTARY SCHOOL BE BUILT?

Current plans are to attach the new Elementary school to our current Junior High Building so that it would be adjacent to Hwy 95 North and back toward our current Ag building.

WHAT IS THE PROJECTED TAX IMPACT?

$3,000,000 over 15 years

Following a successful bond election the issuance of the bonds is estimated to require a $0.14 I&S tax rate. After the proposed decrease of $.094 by retiring the old debt the net increase would be $.05. The estimated cost of a $0.14 I&S tax rate to MISD taxpayers is provided in the following chart:

Homeowner Tax Impact Chart - $0.14

In 2006/07, the district lowered its tax rate from $1.50 to $1.37 (a 13¢ decrease). In 2007/08 the district lowered its tax rate from $1.37 to $1.04 (a 33¢ decrease, for a total decrease of 46¢ over a two year period). Following the issuance of the bonds, the projected total tax rate is expected to be $1.18 which is 32¢ below the tax rate prior to 2006/07.