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Fuller said the legislative committee meeting is a good time to "put all of the options on the table." He said the district's financial advisors, Estrada Hinojosa of Edinburg, are to be there.
that according to the stimulus act the qualified school construction bonds are to be used for school construction, rehabilitation or repair. The problem: investors want to buy bonds that finance schools not school rehabilitation projects, wings or roof repairs.
Last year BISD financed Daniel Breeden Elementary through $12.8 million in qualified school construction bonds. The school is to be built on district owned land near Gallegos Elementary in the Cameron Park area.
9 million in stimulus funds
It's a question of collateral, said Tony Fuller, BISD chief financial officer. In the event of default, an investor would rather own a school building than an Nike Hat White
The trick is to get such projects financed with federal stimulus funds so that they don't cost BISD taxpayers anything, he said. Cortez, who heads the board's legislative committee, said he recently was at a legislative conference in Washington where school officials Ny Hat Blue
Cortez Cap Adidas Neo said the stimulus funds are available at precisely the time BISD needs expansion wings so it can get rid of the hundreds of portable buildings that dot campuses all over town, particularly at the high schools. The district also needs numerous heating, ventilation and air conditioning upgrades, roofing upgrades and other projects.
from other states reported getting such projects financed with qualified school construction bonds.
Now BISD finds itself in a position of having $25.9 million in school construction bonds available but not needing to build any more schools, said board vice president Ruben Cortez Jr.
Cortez pointed out Nike Hats
expansion wing or a new roof.
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