2021 School Bond Referendum
Building for Success.
Thank you, Fairfax County voters, for approving the 2021 School Bond Referendum.
A school bond referendum was on the general election ballot Tuesday, November 2, 2021. Visit the Fairfax County Office of Elections website for information about registering or voting, or call 703-222-0776.
FCPS plans to fund the following school projects with bond proceeds.
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 several 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 county voters approve general obligation bonds since they are a future obligation for taxpayers. The estimated expense to underwrite and issue bonds is reflected in the bond referendum total.
2021 School Bond Referendum Booklet
Download the facts about the School Bond Referendum.