Cape Elizabeth voters overwhelmingly rejected a $116 million bond issue Tuesday that would have transformed the school campus in the town center.

The vote was 3,817 to 2,337, with 62% of voters deciding against borrowing money to design, build and equip new elementary and middle schools and renovate Cape Elizabeth High School.

Borrowed at 4% for 30 years, the bond would have added $1,934 to the annual property tax bill for a home valued at $400,000 for tax purposes – roughly a 25% increase, according to town officials.

But voters did authorize spending an additional $5 million, to be raised in gifts and grants, to build more auditorium seating, add solar panels and make other upgrades to the new schools. Voters supported the added spending 3,041 to 2,999.