Tom Bean ISD trustees approve debt-service tax rate to defease bonds

During the special meeting on Aug. 31, 2026, Trustees voted to approve a proposed rate to pay debt service of $0.157677 per $100 of taxable value.

"Motion made by Steve Rogers that a proposed rate to pay debt service of $0.157677 per $100 of taxable value be approved. This rate exceeds the District's debt service rate determined under Section 44.004(c)(5)(A)(ii)(b), Education Code $0.0448 by $.1630. The excess revenue collected from the proposed rate will be used for defeasing a portion of the District's outstanding bonds, with approximately $170,000 of Tom Bean Independent School District Unlimited Tax Refunding Bonds, Taxable Series 2020 During fiscal year 2027," Trustee Steve Rogers moved; Trustee Tom Sharp seconded. The motion carried 6 in favor, 0 opposed, with one member absent.

The minutes note that "The Board President read the statement about the tax rate." The motion and accompanying statement indicate the board intends to levy the proposed rate and apply the excess revenue toward defeasing a portion of the district's Series 2020 bonds. The Education Code citation appears in the minutes in connection with the rate discussion (Section 44.004(c)(5)(A)(ii)(b), Education Code).