Trustees of the College of the Mainland Community College District set an election for May 14 on $86 million of general obligation bonds after rejecting a suggestion to delay the vote until November.

Voters narrowly turned down a $103 million bond proposal in 2009. COM has no rated GO debt.

Trustee Ralph Holm said most of the voters he has spoken with are opposed to the bond proposal. He said waiting until November would allow bond supporters to provide more information about the need for capital improvements.

Trustee Nick Stepchinski said voters understand that the COM bonds are needed to finance upgrades at the school’s facilities at the main campus in Texas City, most of which are more than 40 years old.

The Mainland Community College District encompasses school districts in Dickinson, Hitchcock, La Marque, Santa Fe, and Texas City.

The college’s revenue debt is rated A3 by Moody’s Investors Service.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.