DALLAS - A bond oversight committee is questioning Fort Worth Independent School District, Texas's use of $4.45 million of bond proceeds for a real estate purchase.
The district tapped the bond's emergency fund, lowering it to $10 million, according to the Fort Worth Star-Telegram. The bond contingency fund was set up to provide for unexpected cost overruns and other contingencies, committee members said.
The district originally used money from its general fund in 2012 to buy a downtown building for the Young Women's Leadership Academy. The board planned to replenish the general fund with proceeds from a future bond issue, according to the Star-Telegram. Those funds became available after voters approved a $490 million bond proposal in 2013.
Oversight committee member Veronica Villegas said voters should be informed how bond money will be used before an election is held.
"I don't recall there ever being any bond material saying we're going to buy property for the YWLA," the Star-Telegram quoted her as saying. "I went to plenty of bond meetings and I don't recall that ever being a part of the bond program."
Interim Superintendent Pat Linares, who was not in charge when the early bond decisions took place, said she could not explain them.
"Why it occurred, I don't know," Linares said. "I will say it was all done legally."
