Voters in the Galveston Independent School District may decide this fall on a bond package that could include up to $8.6 million in low- or no-interest qualified school construction bonds.
District officials said last week they might put together a package that would combine the federally authorized bonds with conventional general obligation bonds to spend $20 million to renovate a football stadium.
School trustees have until Sept. 2 to call a bond election for November.
There are $100 million of the bonds available for coastal areas in Texas, including Galveston, damaged by Hurricane Ike in September 2008. The allocation will expire in February 2010.
A $69.5 million bond package approved by voters in 2003 included extensive renovations to the 75-year-old stadium, but the funds ran out in 2008 before the stadium work could get under way.
The district’s GO debt has unenhanced ratings of A2 from Moody’s Investors Service, A-plus from Fitch Ratings, and A-minus from Standard & Poor’s.
