Voters in the Pine Tree Independent School District last week authorized selling $45 million of debt by a margin of more than 2-to-1, with 1,143 in favor and 446 opposed. Only 9% of registered voters in the district, which is about 125 miles east of Dallas, participated in the election.
The bonds will finance new middle and primary school campuses, and will build a ninth-grade addition to Pine Tree High School. Construction will begin in the summer.
The first series of bonds, some $17.5 million, likely will be sold in March. The districts calendar calls for a $16 million bond sale in 2006, and an $11.4 million sale in 2007.
The school districts 2004-05 interest and sinking tax rate is 13 cents per $100 valuation. The bonds will increase the I&S rate which under Texas law is solely dedicated to debt service by a total of 19.23 cents.
