ISD Bond Vote Ahead

Voters in San Antonio’s North East Independent School District will consider $399.4 million of general obligation bonds in November after unanimous approval of the issue by the board of trustees.

Earlier this year, the district board called for an April election on the bond package, but withdrew the proposal less than two weeks later.

School officials said the vote should be deferred until Texas lawmakers adopted a budget for fiscal 2012-2013 due to uncertainties over state funding for local education. The Legislature made the first cuts to education spending in state history.

The district’s $1.3 billion of outstanding GO debt is rated Aa1 by Moody’s Investors Service and AA-minus by Standard & Poor’s. It is enhanced to triple-A through coverage from the Permanent School Fund.

Voters approved bond packages of $498 million in 2007, $149 million in 2005, $300 million in 2004, and $155.8 million in 2000.

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Texas
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