What is a bond?

Similar to homeowners borrowing money in the form of a mortgage, a school district borrows to finance the design, construction, expansion and renovation of school facilities. General obligation bonds carry the lowest possible interest rates and are the least costly form of financing available. Bonds must be approved by voters, and state law prohibits using bond funds for salaries or other on-going expenses. Canyons District’s AAA bond rating ensures that our residents receive the best available interest rates, sparing taxpayers millions of dollars. Rising home values have helped Canyons District pay down its bond debt more quickly than projected, and keep its bonds tax-rate-neutral.