2017 School Bond Referendum
Our Blueprint for Success
Thank you, Fairfax County voters, for approving the 2017 School Bond Referendum to fund renovations and additions to existing schools and construction of new schools.
A school bond referendum was on the general election ballot Tuesday, November 7, 2017 .
For more information about registering or voting, call 703-222-0776 or visit www.fairfaxcounty.gov/eb .
View a list of school improvement projects included in the 2017 Bond Referendum .
What is a Bond?
The sale of municipal bonds is a form of long-term borrowing that spreads the cost of major capital improvements over the years facilities are used. This method of financing ensures that current and future users help pay for the improvements.
Why are Bonds Needed?
The building and renovation of schools are not financed through the school system’s operating funds, but through bonds. Similar to an individual or a family obtaining a mortgage on a residence to spread the cost of home buying over a number of years, bonds spread the cost of major capital improvements over a number of years.
If approved, these bonds will probably be sold to large investment banking syndicates that will have to competitively bid for them. Once bought, they are typically resold to financial institutions, which then sell them to investors.
Why a Referendum?
The law requires that voters approve bonds since they are a future obligation for taxpayers. As long as debt service costs do not increase significantly as a percentage of combined general fund disbursements, the county’s bonded debt will not be a contributing factor to any increase in local taxes.
View additional information regarding the 2017 Bond Referendum.