Trustees of the Tyler Independent School District in Texas adopted a long-range capital plan last week that would begin with proceeds from a bond election in November.
The plan calls for up to $450 million of work to be financed with general obligation bonds that would be presented to voters in the East Texas district over several elections.
Components of the plan, which would extend through 2020, include two new high schools, two new elementary schools, and an advanced technology and career center.
Superintendent Randy Reid said a bond election in May would not be feasible, but the district wants to take advantage of low interest rates.
“We feel like we’re going to miss a huge opportunity if we don’t take some steps toward moving forward with this program in 2012,” Reid told trustees.
Tyler ISD enrollment is almost 19,000. The district is located about 100 miles east of Dallas.
The district’s $237.5 million of outstanding GO debt is rated AA by Standard & Poor’s and AA-plus by Fitch, but is enhanced to triple-A with coverage from the Texas Permanent School Fund.