DALLAS - The Katy Independent School District near Houston will enjoy Permanent School Fund backing and an upgrade to its underlying rating from Standard & Poor's as it goes to market with $25 million of general obligation bonds.

The district was one of the last to win PSF backing for its debt before the fund was frozen due to capacity limits and falling investment earnings. The Texas Education Agency that approves school districts for PSF guaranties began sending denial letters to districts this year.

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