DALLAS -- The Cypress-Fairbanks Independent School District will ask voters to approve a record $1.2 billion of bonds May 10, the largest single bond proposal in Texas this year.
School board members were unanimous in calling for the election at their Feb. 27 meeting.
The bond package, recommended by a community long-range planning committee, is designed to cover a number of school needs, including security and safety, along with renovations and new construction.
The district, which includes parts of Houston and its suburbs, is the third largest in the state with more than 111,000 students. Enrollment is expected to grow by more than 15,000 students by 2020. At that rate, the district would need to open a new school a year, according to Debbie Blackshear, who co-chaired the bond committee.
By 2022, the district's demographic study showed more than 33,377 new homes are expected in the district.
The district has $1.6 billion of debt outstanding and carries underlying ratings of AA-minus from Standard & Poor's and Aa2 from Moody's Investors Service. The district's bonds carry triple-A ratings with coverage from the Texas Permanent School Fund that guarantees school bonds in the state.
Other districts that have recently called for May 10 bond votes include Pleasant Grove near Dallas, which is seeking $16.6 million of authorization. Dripping Springs ISD south of Austin is asking voters to approve $92 million in bonds in for two new schools, upgrade technology and build new sports fields.
A 30-member bond committee for Marshall Independent School District in East Texas recently recommended trustees schedule a $165 million bond election in May to pay for four new schools and renovations at existing campuses.
