Bond election results: All billion-plus bond deals pass

BY SourceMedia | MUNICIPAL | 11/08/23 04:41 AM EST By Gary Siegel

As usual, voters approved the lion's share of bond issuances put before them.

Charlotte-Mecklenburg School, North Carolina, voters approved the request for $2.5 billion of bonds for capital projects.

Harris County Hospital District, Texas, also won voter approval to sell $2.5 billion of bonds. Prosper Independent School District voters approved three of four bond propositions: $2.44 billion for upgrading existing facilities and building new schools, $140 million for technology, and $125 million for a performing arts center, but rejected a request for $102.4 million that would have funded construction of athletic facilities, including an 8,000-seat stadium.

Conroe ISD voters appear to have approved Proposition A, providing $1.8 billion of bonds for new schools and additions to current facilities, Proposition B, which provides $40 million of bonds for technology, and Proposition C, which gives the district $112.8 million of bonds for physical education classrooms. Voters appear to have narrowly rejected a $22.9 million bond vote for a pool. Fort Bend County voters approved $712.6 million of road bonds and $153 million of park bonds.

Aldine ISD voters said yes to $1.6 billion building bonds, $122.3 million for an events center, and $67.5 million for technology. Midland ISD voters agreed to the issuance of $1.36 billion of bonds for two new high schools and middle school renovations.

Hurst-Euless-Bedford ISD voters appear to have approved $979.3 million of bonds for school buildings, according to reports. Eagle Mountain-Saginaw ISD approved $540.9 million for buildings and $20.2 million for technology, but rejected bonds for a $51 million pool and $47 million for improving its athletic building.

Lewisville ISD voters granted approval to sell $960.58 million of bonds for maintenance, repair and renovation and $69.6 million for technology. But voters in the district turned down requests for $131.82 million for construction of athletic facilities, $31.4 million for maintenance of athletic facilities, $20 million for football stadium maintenance and renovations and $16.25 for aquatics center maintenance and renovations.

Williamson County voters agreed to spend $825 million for a road project and $59 million for parks. Goose Creek Consolidate ISD, Texas, voters approved $342.3 million for buildings, and rejected $24 million for a stadium and $20 million for technology. Longview ISD voters rejected $291.89 million for safety.

College Station ISD voters approved $284.975 million for improvements and $14.145 million for technology. Travis County voters approved $276.44 million for parks and $233.06 for roads. Clear Creek ISD voters appear to have approved $265 million for building upgrades and $37 million for technology. Tuloso-Midway ISD voters approved $152 million for upgrades. Azle ISD voters said yes to $151.5 million of bonds.

Lake Travis ISD voters approved $143 million. Greenwood ISD voters approved a $198.77 million proposition to build an elementary and an intermediate school and $87 million for an events center. Weslaco ISD voters approved $140 million for facility improvements. Bridgeport ISD voters said no on all three propositions $128 million for school renovations $11 million for athletic facility renovations and $6 million for technology. Cleveland ISD voters turned down $125 million for facilities,

It appears $16.3 billion of bonds for Legacy Municipal Management District were approved, according to unofficial results. The district had four propositions on the ballot, $5.699 billion to provide refunding for roads; $4.075 billion to provide refunding for water, wastewater and drainage system facilities, $3.799 billion for roads and $2.717 billion for water, wastewater and drainage system facilities.

Morningstar Ranch MUD #2 appears to have received approval for $807 million for refunding water, sewer and drainage, $573.75 million for refunding for roads, $538 million for water, sewer and drainage, and $382.5 million for roads, in unofficial results.

Katy ISD voters seem to have approved $722.99 million of bonds to buy school sites and $83.57 million for technology, while rejecting $29.88 million for athletic facility repair and $4.2 million for swimming facilities.

In Phoenix, voters approved four bond resolutions: $214 million to fund fire, police, roadway and pedestrian infrastructure projects, $114.4 million for economic development, $108.6 million for libraries and parks, and $63 million for affordable housing. Surprise, Arizona, voters appear to have approved $100 million in bonding: $66 million for traffic safety and $34 million for public safety facilities. Phoenix Union High School District #210 voters approved $475 million for school safety. Agua Fria UHSD #216 voters appear to have narrowly passed $197 million for school improvements.

Mesa USD #4 voters rejected a request for $500 million of bonds for capital improvements. Osborn ESD #8 voters approved $100 million in bonds for a performance facility. Tolleson ESD #17 voters approved $125 million for school improvements. Liberty ESD #25 voters nixed plans for $97.4 million for school construction and renovations. Kyrene ESD #28 voters approved $161 million for school improvements.

Madison ESD #38 voters agreed to sell $105 million of bonds to fund safety modernization. Gilbert USD #41 rejected a request for $100 million for renovations. Paradise Valley USD #69 won approval to sell $340 million for construction and technology. Litchfield ESD #79 voters rejected $100 million for security upgrades. Pendergast ESD #92 voters narrowly approved $100 million for improvements in unofficial results. Queen Creek USD #95 turned down $98 million for capital improvements. Deer Valley USD #97 voters nixed $325 million for safety and technology. Tucson USD #1 voters approved $480 million for school improvements.

Douglas County, Colorado, SD #RE-1 voters were rejecting $484 million of bonds in unofficial results.

Beaufort County SD, South Carolina, voters approved $439 million to modernize buildings. Cherokee County SD 1 voters nixed $162.5 million of bonds.

Fairfax County, Virgina, Public Schools voters approved $435 million of bonds for school renovation.

Ector County ISD, Texas, voters approved $424.26 million of bonds for schools and buses. Collin County voters approved $380 million for roads and $261.86 million for justice facilities. Voters in Salado ISD approved $253.96 million. Wylie ISD voters approved $234 million for expansion. Waller County voters approved $280 million road bonds. Duncanville ISD OK'd $161.77 million. Granbury ISD voters approved $151.7 million.

Polk County, Iowa, voters approved up to $350 million to help fund an airport terminal project at Des Moines International Airport.

The Des Moines Airport Authority, which can issue debt on its own but has no bonds outstanding, wants to take advantage of the county's triple-A ratings to lower borrowing costs. Its previous issuance in 2012 of revenue refunding capital loan notes, which were redeemed last year, were rated A2 by Moody's Investors Service (MCO).

"This measure will save an estimated $70 million in interest costs, securing the airport's competitiveness and its pivotal role as an economic engine for central Iowa," a statement from the authority said.

There is no definitive timeline for selling the bonds, according to the airport spokesperson Kayla Kovarna.

"The next step for the Des Moines Airport Authority will be to begin negotiating the loan agreement with Polk County," she said in an email.

Cedar Rapids Community SD voters rejected $220 million for renovations. Waukee Community SD voters approved $180 million. Dubuque Community SD voters nixed $150 million school construction bonds.

Grand Rapids, Michigan, Public School voters approved $305 million of bonds for school improvement. Howell Public School voters approved $258 million for elementary schools. West Ottawa Public Schools won the right to issue $237 million for capital improvements. East Grand Rapids Public School voters approved $158.9 million. Forest Hills Public Schools voters approved $340 million of bonds. Fenton Area Public Schools voters said yes to $122.55 million for safety.

South Kitsap SD #402, Washington, voters seem to have rejected the $271 million the district requested to improve school facilities. Just under 52% of Fife SD #417 voters voted for $204.8 million of bonds to replace Fife High School, including its athletic field and stadium.

Osseo ISD #279, Minnesota, voted for $223.225 million bonds for sites. Stillwater ISD #834 voters approved $174.845 million of issuance. South Washington Co. ISD #833 voters approved $160.875 million for safety improvements and $40.35 million to expand elementary schools.

North Kingstown, Rhode Island, voters nixed plans for $222.46 million of bonds to build two schools. Middletown voters narrowly approved $190 million for school construction. East Greenwich voters approved $150 million for construction.

North Wasco County SD #21, Oregon, voters appear to have rejected $140 million of construction bonds.

Two bond-related propositions passed in New York. The first lifts the statutory debt cap for 57 "small-city school districts" from 5% of AV to 10% of AV. Voters also exempted sewer debt from the debt caps for the next 10 years.

? Karen Pierog contributed to this report

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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