The Rankin County School Board failed to get the votes necessary in a referendum last week to authorize the issuance of $169.5 million of general obligation bonds.
Bond proceeds would have been used to make improvements in eight school zones, including the construction of three new schools, to relieve overcrowding.
The board needed 60% of the vote for the referendum to pass. Instead, 60% of voters rejected the bond issue.
Some 82% of voters approved the district’s last bond issue in 2001.
The Mississippi school district had $100.4 million of outstanding GOs and notes as of June 30, 2010, according to the fiscal 2010 financial statement. The GO bonds and notes are rated AA-minus by Standard & Poor’s.
