School bonds

Downtown College Prep, a charter school operator in San Jose, defaulted on $34 million of municipal bonds, citing the area's dwindling number of children.

The ratings agency said fund balances had declined as a percent of operating revenues and are expected to decline further.

K-12 public schools get a $55 per-student increase in the state basic allotment, while other funding is allocated to specific purposes.

Civic Builders, a 23-year-old nonprofit charter school developer and financer, borrowed though the public municipal bond market for the first time.

May 6 brought disappointing results for two Midwest states with school bond referendums on ballots, as voters mostly rejected the issuances.

The DASNY program allows the schools to "align their borrowing costs with the aid that they receive from the state," said CEO Robert J. Rodriguez. 

The law Indiana Gov. Mike Braun signed earlier this month will make it harder for local governments and school districts to issue bonds.

Bills have been introduced to eliminate the May election option for local bond and tax propositions, forcing them onto the November general election ballot.

The commission also approved converting a GO bond sale from competitive to negotiated.

The Ohio House's proposed cap on school districts' carryover balances at 30% of their annual operating costs has drawn praise and criticism.