DALLAS - In Texas, trustees of the Austin Independent School District decided to move forward with a $343.7 million bond election for the May ballot, while the board of the Comal Independent School District put off a decision on a possible $210 million bond referendum until it can gather more information.
The Austin ballot most likely will include three propositions. Last month, a citizens' bond committee recommended a $233.4 million referendum, but the trustees felt the electorate should also decide on a performing arts center for the district.
Proposition one calls for $127 million in funds to relieve overcrowding and provide space for enrollment growth at a handful of campuses, as well as construction of a new early-childhood center.
If passed, proceeds from the $106.2 million proposition two would fund purchase of low-emissions school buses, improvements to increase energy efficiency at numerous schools, upgrades to cafeteria and kitchens as required by the state Health Department, and repairs to a cold-storage warehouse, Evans said.
Proposition three calls for $110 million and would fund the arts center as well as land acquisition for a high school in the southern part of the district and a fine arts center for another high school, according to spokeswoman Roxanne Evans.
Chief financial officer Larry Throm said the performing arts center is something the district has been talking about since 1979.
"We had $8 million or $9 million for the center in the package that passed in '04 when we thought we had a matching grant for the center. But that grant fell through and now something that costs $16 million or so a few years ago now costs $40 million," he said.
The Austin ISD currently serves a total student population of more than 82,000. Projections show the enrollment continuing to climb to possibly as much as 103,000 by 2015.
Voters approved a $519.5 million bond package in September 2004. The district tends to issue commercial paper notes and then refund that debt to take it out longer. There is about $263 million of authorized but unissued debt remaining from that 2004 bond package.
PFM Group is the financial adviser and Andrews Kurth is bond counsel to the district, which is the fourth largest in Texas.
Meanwhile, a bond committee on Monday recommended the board of the Comal ISD, which is about 30 miles northeast of San Antonio, put a $209.9 million bond package on the May ballot. But the trustees sought more information.
The board will meet again tonight discuss expansion plans of two high schools included in the package.
Superintendent Mark Walker told the board earlier this week that "there will likely be additional savings in Bond 2005 that will help offset projects proposed in Bond 2008."
Walker said he would be able to provide additional details at tonight's meeting.
In addition to the renovations to the high schools, the bond committee recommended four new elementary schools, heating and air conditioning upgrades at all elementary and middle schools, land acquisition for future sites, and technology upgrades across the district's 18 campuses.
The district has added about 1,000 new students each of the past five years and that trend is expected to continue.
Voters approved a $189 million bond package in December 2005, and the district exhausted that authorization with a $81.2 million sale in January 2007.
SAMCO Capital Markets is the financial adviser to the district and Fulbright & Jaworski LLP serves as bond counsel.
