Corpus Christi Won’t Dawdle

Corpus Christi city and school district officials said projects financed by the $345 million of bonds approved by voters last week will get under way as soon as possible.

The Gulf Coast city won approval for seven bond proposals totaling $153 million. The total includes $104.6 million for street improvements, $21.6 million for park upgrades, $13 million for development of a bay-front park, and $6.3 million for a new fire station.

The city plans to split the $153 million into two or three tranches, with the first one coming to market as soon as January.

Corpus Christi’s GO bonds are rated AA by Standard & Poor’s, A2 by Moody’s Investors Service, and AA-minus by Fitch Ratings.

Voters also approved $192 million of bonds requested by the Corpus Christi Independent School District to build schools and upgrade technology.

The authorization includes $140 million for construction of four new elementary schools, renovations at all campuses, and the refinancing of $23 million of outstanding debt. Voters also approved $52 million of bonds for technology and security upgrades.

The school district’s bonds, which are enhanced with triple-A coverage from the Texas Permanent School Fund, have unenhanced ratings of Aa3 from Moody’s and AA from Fitch.

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