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Spring ISD board approves $532 million bond order, moves sale earlier to capture state hold-harmless from Senate Bill 4
Summary
The Spring Independent School District Board of Trustees voted unanimously Tuesday to approve an order authorizing the issuance of unlimited-tax school building bonds (series 2025) and to add about $72 million of refunding to the sale to capture savings and a state “hold harmless” payment related to Senate Bill 4.
The Spring Independent School District Board of Trustees voted unanimously Tuesday to approve an order authorizing the issuance of unlimited-tax school building bonds, series 2025, and to add approximately $72 million of refunding bonds to the new-money sale.
District Chief Financial Officer Anne Westbrooks and the district's financial advisers told trustees the district can lower borrowing costs for taxpayers by refunding outstanding bonds now and by accelerating the sale of part of the remaining authorization to qualify for a state “hold harmless” payment tied to Senate Bill 4.
The hold-harmless provision in Senate Bill 4 increases the homestead exemption and, according to the district's advisers, could reduce local taxable value significantly. Because…
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