Texas Insider Report: AUSTIN, Texas –More than 60 Bond Issues were passed across Texas last Tuesday. Voters in cities, counties, community college districts, hospital and other special districts Tuesday approved $3.92 billion in bond issues throughout the state. Of the 92 bond issues, totaling some $5.26 billion from virtually every corner of the state, 62 passed, a 75% passage rate.
And those issues that failed could be prime opportunities for public-private partnerships, as many of the entities with failed bond issues will be looking for other revenue sources.
These bond issues include projects such as new construction and renovations in public school districts and technology and security upgrades. Cities and counties approved bond votes that will provide for road projects, public safety buildings and restoration of public buildings. Bonds will also pay for new and renovated health care facilities.
Two important issues were decided in metropolitan areas:
Voters in Austin passed a $65 million bond issue for affordable housing, just a year after an affordable housing proposition was the only proposition to fail in the city.- And in Harris County, a $217 million bond proposal that would have spared the “8th Wonder of the World” – the Houston Astrodome – and converted it to a convention and exhibit hall, was defeated.
The needs outlined in the bond issues don’t just go away when a bond issue fails. Overcrowded school districts will still need additional facilities for its growing student populations, a county whose bond issue that would have built a new courthouse still has an aging facility whose maintenance and repair costs will eventually be higher than the cost of a new facility.
And, a city that sought funding for athletic fields and other sports facilities will be looking for alternative funding.
Here are some of the bond issues that passed. and how the bond proceeds will be spent:
- A city in the Houston area passed a $21.5 million bond vote that includes reconstruction of its city hall, civic center and police/municipal court buildings;
- Technology upgrades will be installed district-wide thanks to passage of a $50 million bond issu
e in a South Texas school district; - As a result of passage of a $123.6 million bond issue, a Central Texas city will build three new fire stations and a joint fire and police training facility as well parks and library projects;
- A North Texas Community College passed a $14.8 million bond issue that will build one new academic building and expand an existing facility;
- Infrastructure improvements, electrical upgrades and roofing improvements will result from the passage of a $35 million bond issue passed in a West Texas school district;
- Safety and security improvements will result after passage of a $125 million bond issue in South Texas;
- Thirteen new schools will be built after a $409 million bond referendum was passed in another South Texas school district; and
- Technology upgrades will be installed district-wide thanks to passage of a $50 million bond issue in a South Texas school district.
