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Lubbock ISD board authorizes sale parameters for up to $225 million in school bonds to capture state hold-harmless funds
Summary
Trustees approved a parameter bond order delegating final pricing authority so the district can issue bonds before Sept. 1 and receive state "hold harmless" funding tied to Senate Bill 4; the district and financial advisers said issuing more now could preserve about $26 million in state support over time.
The Lubbock ISD Board of Trustees voted 7-0 to approve an order authorizing the issuance and sale of new unlimited-tax school building bonds and to delegate final pricing authority to district officials under specified parameters.
Financial adviser Jeff Robert of Hilltop Securities told the board the authorization is designed to let the district sell up to $225 million in bonds and close the sale before a Sept. 1 deadline so the district qualifies for a state "hold harmless" provision in Senate Bill 4.…
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