At a glance
- A bond is borrowed money used for eligible public projects and repaid over time, usually with interest.
- Bond propositions often go to voters because many forms of tax-supported local debt generally require voter approval in Texas.
- Bond funds typically pay for capital projects such as land, buildings, streets, drainage and major renovations — not routine day-to-day operating costs.
- For school districts, bond repayment is often tied to the I&S portion of the tax rate; M&O is used for maintenance and operations.
- Before voting, review the exact proposition language, the amount, the project purpose and your own sample ballot.
What is a bond?
A bond is a form of borrowing used by a local government to pay for eligible public projects and repay the debt over time, usually with interest. In Texas, local government debt is commonly used for long-term public facilities and infrastructure such as schools, roads, utility systems and public safety buildings.Why do local governments use bonds?
Local governments may use bonds when a project has a high upfront cost and a long useful life. Common examples include streets, drainage systems, school buildings, parks, fire stations, court facilities and similar public assets.
Bond propositions appear on ballots because many forms of tax-supported local debt generally require voter approval in Texas. Official ballot language is often formal because the election authorizes debt and repayment authority, rather than simply describing a project list.
How repayment works
When bonds are issued, repayment usually takes place over many years. That repayment includes the amount borrowed and the interest owed. Together, these payments are commonly called debt service.
For school districts, voters may also see the term I&S, which stands for interest and sinking. The Texas Education Agency states that I&S funds pay for debt that finances district facilities, while M&O funds pay for maintenance and operations.
What bond money usually can — and cannot — pay for
| Typically used for | Generally not used for |
|---|---|
|
|
How local bond measures differ
| Entity type | Typical project categories |
| City | Streets, drainage, parks, sidewalks, public safety buildings, libraries, courts and other municipal facilities. |
| School districts | Campuses, renovations, additions and other long-term facility needs. School bond repayment is often discussed with I&S. |
| County | Roads, bridges, court facilities, detention facilities, parks and other county responsibilities. |
| Community college district | College facilities and related long-term capital needs, with debt repaid through the district’s tax structure. |
| Special district | Infrastructure or service-related facilities within the district’s legal authority, such as utility-related improvements. |
What voters may want to review before voting
- The exact proposition language on the ballot or in the official election order.
- The total bond amount and the stated project purpose.
- Whether projects are split into separate propositions or grouped.
- Any tax-rate or debt-service information the entity provides.
- The sample ballot for the voter’s own address or precinct.
Collin County examples
Collin County voters may encounter bond propositions from more than one kind of local government, depending on where they live.
- Collin County’s 2023 bond election included five propositions totaling $683,374,864 for county facilities, parks and open space, and roads and bridges.
- Plano ISD’s official bond-program materials describe bond elections for new schools, renovations, additional facilities and technology needs.
What may be on your November 3 ballot?
Collin County Bond ($817.5 Million)
Commissioners Court set election for six-year growth program (FY27-FY32)
- Prop A ($296.5M): Court and detention projects
- Prop B ($475M): Road improvements
- Prop C ($6M): Parks and open space
- Prop D ($40M): Records storage/elections facility
Tax rate might increase from 4.18 to 4.95 cents per $100 value
Collin College Bond ($600 Million)
Single proposition for “Destination 2030” master plan (Phases II and III)
- Prop A ($600M): Workforce/academic expansions for McKinney, Wylie, Allen, Celina, Farmersville and Frisco
Includes McKinney Aviation Academy and campuses in Anna and Royse City
No anticipated tax rate change from current $0.08122
McKinney ISD Bond ($500 Million)
Total package across four propositions plus VATRE* (Prop A)
- Prop B ($430.95M): Safety, buses, and two new elementaries/CTE Center
- Prop C ($62M): Instructional technology and device replacement
- Prop D ($4.5M): Facility repairs for training pool
- Prop E ($2.55M): Stadium turf and track resurfacing
* VATRE (Voter-Approval Tax Rate Election) is a special local election used by public school districts in Texas to ask voters to approve an increase in their maintenance and operations tax rate.
FAQ
Is a bond the same as a tax?
No. A bond is debt that is repaid over time. Many local bond propositions involve tax-supported repayment, which is why taxes may be referenced in bond ballot language.
Why do voters vote on bond propositions?
Many forms of tax-supported local debt generally require voter approval in Texas.
What does debt service mean?
Debt service generally refers to repayment of the principal and interest over time.
What does I&S mean?
In school finance, I&S stands for interest and sinking, the portion of the tax rate used for debt payments on district facilities.
Why are there sometimes several bond propositions instead of one?
A local entity may divide a bond program into separate propositions by project category rather than combining everything into a single ballot item.
Sources
- Texas Secretary of State (Important Election Dates and current election information)
- Collin County Elections (sample ballots and ballot lookup tools)
- Texas Bond Review Board (Texas local government debt overview and bond-election database disclaimer)
- Texas Education Agency (school district property tax rates, including M&O and I&S)
- Texas Comptroller (Local Government Bond, Tax, and Project Transparency Database)
- Texas Commission on Environmental Quality (municipal utility districts and water districts)
- City of Richardson (2026 bond-election materials); City of Carrollton (elections page and debt-information page)
- Collin County (2023 bond-election materials)
- Plano ISD (bond programs page)
- Collin College (FY 2026 budget materials)