Voters in the coastal city of Corpus Christi, Texas gave strong approval to street project efforts, favoring seven of the eight bond proposals on the ballot last week. Total authorization of the seven successful requests will finance almost $88 million of projects.
The biggest victory margin was for Proposition 1, which allocates $55 million of proceeds to maintenance of roads in older sections. City officials said the street repair projects will be ranked by the capacity of the road, current traffic, and projected growth.
Other successful proposals include $16 million to upgrades at city parks, $5 million for repairs at four city facilities, and $2.3 million for library and museum maintenance.
Voters narrowly rejected $1.8 million of improvements to City Hall.
Corpus Christi's $354 million of outstanding GO debt is rated Aa2 by Moody's Investors Service and AA-minus by Standard & Poor's and Fitch Ratings.

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.