DALLAS - Voters in Texarkana, Texas, will decide in November whether to authorize $30 million of bonds to finance a new school and expand the district's middle school.
The bond proposal comes four years after voters rejected a bond issue of the same size that would have expanded schools.
TISD Superintendent Paul Norton said the district might have to turn away students now admitted under the district's open enrollment policy if bonds are again rejected.
The TISD board approved calling the election at its Aug. 14 meeting, where it also approved the tax rate for maintenance and operations and the sinking fund to service debt.
The 2014-15 tax rate approved for adoption will remain at $1.339, the same rate since 2008.
"There has been no significant increase or decrease in certified appraised values for the last six years and remain constant for the 2014-15 school year at $1.9 billion," TISD chief financial officer Deidra Reeves told the board.
Enrollment projection for 2014-15 is 7,305 which places the school district at 106% overall capacity, according to Norton.
"TISD has had steady enrollment of an average 150 students per year for the last twelve years," Norton told the board. "Our combined elementary campuses are at 99% capacity, Texas Middle School is at 114% capacity and Texas High School is at 112% capacity. We now find ourselves at a pivotal decision point in order to prepare for the future and maintain an appropriate student/teacher ratio."
Approval of the bonds would allow the district to build an elementary campus and a stand-alone Sixth Grade Center on the Texas Middle School campus.
Texarkana ISD carries underlying credit ratings of A-plus from Standard & Poor's and Aa3 from Moody's Investors Service. Outlooks are stable. The district earns triple-A ratings on bonds guaranteed by the Texas Permanent School Fund.
