Trustees of the New Caney Independent School District in Texas have set a May 12 election for a $97.5 million general obligation bond proposal.
Proceeds would be used to build a new middle school for $30 million and an elementary school costing $16 million. Other projects in the bond program include $11.4 million of renovations to the high school and $16 million of improvements and upgrades to district athletic facilities.
Officials in the district northeast of Houston said the current enrollment of 11,000 students is expected to surge due to new residential construction in the area.
Approval of the bonds will not require a tax increase, trustees said. New Caney Independent School District’s last bond election was in 2009.
The New Caney district had considered a bond proposal in 2010 but trustees decided to wait until the district’s debt capacity went up. At that time, the district could have issued up to $35 million with no tax increase.
The district’s $202 million of outstanding debt is rated Aa3 by Moody’s Investors Service and A by Standard & Poor’s.
The debt is enhanced to triple-A with coverage by the Texas Permanent School Fund.