Trustees of the Galveston Independent School District last week set an election for May 8 on $35 million of general obligation bonds to build a new football stadium on the island.

School board president Andy Mytelka said it should cost approximately $38 million to build the new facility.

The district will not spend more than $35 million on the stadium, he said, because it will qualify for funding from federal hurricane relief or stimulus programs.

“The time to build is now, with interest rates and construction costs so low,” Mytelka said.

The district is eligible to issue up to $8.6 million of bonds under the federal qualified school construction bond program, which could be used to cover stadium costs.

Arnold Proctor, assistant superintendent of business and operations, said passage of the bonds would require an increase in the property tax rate of $1.212 from the current rate of $1.165.

The multipurpose stadium will feature permanent seating for up to 8,000, a pavilion for graduation ceremonies, an eight-lane track, and a field house.

Trustees considered a bond election last year, but delayed the vote to determine whether to renovate the existing 60-year-old stadium or build a new facility.

Galveston ISD’s GOs have underlying ratings of A-minus from Standard & Poor’s and A2 from Moody’s Investors Service.

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