Trustees of Dallas Independent School District voted last week to move to negotiated sales for future bond issues in a shift from the district's policy of competitive issues.
A pool of 18 underwriters to be considered for each sale was selected by the trustees, who also approved a $465 million refunding.
District officials said negotiated sales are easier to prepare and provide an opportunity for minority owned firms to participate in the process.
Trustees rejected a recommendation from Steve Korby, executive director of financial services for the district, that board action on the refunding be delayed until the November meeting.
The new debt policy prohibits compensation for any underwriters included in an issue that do not buy a portion of the bonds being offered.
The district's $2.7 billion of outstanding debt is rated AA by Fitch, Aa2 by Moody's Investors Service, and A-plus by Standard & Poor's. The district's debt is enhanced to triple-A with coverage from the Texas Permanent School Fund.
