A “school bond” is a loan from a bank to a school district that must be
repaid with interest and other charges. The bond loan is guaranteed to
be repaid by a tax imposed on all the homes and properties in the
school district. Typically, a bond debt for $200 Million will cost the
homeowners $400 Million in taxes to pay off over the 30 or 40 years
of the loan duration.
In other words, the bond that voters approve will finally be paid off by