Voters in the San Antonio Independent School District may go to the polls as early as November to decide on a bond election that would begin a lengthy process to update aging facilities.
A $1.24 billion capital improvement plan was outlined by district staff last week to school trustees. The district said completing the program would require 10 years with the proceeds from at least three bond issues.
The district has about 55,000 students and operates 91 facilities, but the school board adopted a plan in October that would save $40 million a year by closing 14 schools. The proposed improvement plan would provide upgrades at all 77 remaining school facilities.
The district’s debt has underlying ratings of AA-minus from Fitch Ratings and Standard & Poor’s and A1 from Moody’s Investors Service. The approximately $500 million of outstanding general obligation debt is guaranteed under Texas’ triple-A rated Permanent School Fund program.
