In an effort to introduce more transparency into local spending and debt obligations, Dallas Independent School District pledges to post details about the entity's bond and debt information on the entity's website no later than one business day after the public notice of the bond election. This information will include details about the bond package(s) up for vote and current outstanding debt obligations including bonds, certificates of obligation and other debt, and the date of the election. In accordance with HB 1378, all information is as of June 30, 2019.
2008 Bond Program
In May 2008, a second capital improvement bond program of $1.35 billion was approved by the voters and the first sale of bonds was held in December 2008. The initial scope of the 2008 bond program included 14 new schools, 8 elementary, 4 middle schools and 2 high schools. 13 school additions, $521 million to improve the district’s existing school facilities, $12 million for 19 new science labs, $20 million for 16 school renovations and dining room expansion at 22 schools, $96 million for technology improvement and $14 million to refurbish athletic facilities. $112 million was to be used for renovation of support facilities, property acquisition for new schools and removal of hazardous materials.
2015 Bond Program
Voters approved a $1.6 billion bond referendum on November 3, 2015. The District’s 2015 Bond Program began after the first sale of bonds in February 2016 and includes $100 million for technology improvements to campuses. Under the leadership and supervision of the Construction Services Department, the $1.6 billion is being used to improve and build District facilities. The 2015 Program includes plans to construct five new schools, including one high school and four elementary schools. In addition, the program will construct twelve additions to existing schools, including six high schools, one middle school, and five elementary schools. As of June 30, 2019, eight of these projects were in the procurement/ bidding process; twelve were either in the pre-design or design process. The program includes renovations and improvements to 113 existing District facilities including roofs, HVAC, building envelope, interior improvements, site improvements, exterior façade improvements, plumbing, technology, gyms, locker rooms, libraries, science labs, cafeterias, auditoriums, performing arts, fine arts, athletic facilities, and administration areas in schools. The completion of all construction is targeted for 2022.
In June 2017, the district issued $4,405,000 in interest free “Qualified Zone Academy Bonds, Taxable Series 2017”. The district sold the bonds by private placement at par. Proceeds were used for technology upgrades, equipment, and software. Principal is due February 15, 2027. The proceeds were invested in local government investment pools. This debt is subject to federal arbitrage regulations and is serviced by the Debt Service fund.
Qualified Zone Academy Maintenance Tax Notes (QZAB) and Qualified School Construction Notes (QSCB)
The district has issued $8,000,000 of Qualified Zone Academy Maintenance Tax Notes (QZAB), beginning in 2001 to 2008. In August 2013, the Board of Trustees approved the issuance of the “Dallas Independent School District Limited Maintenance Tax Qualified School Construction Notes (QSCB), Series 2013 in an aggregate principal amount of $143,400,000. QZAB/QSCB debt payments are made from the General Fund.
The proceeds from the issuance of the QZAB’s and QSCB’s will be used for the purpose of paying lawful maintenance expenses of the district, including heating and air conditioning system improvement, and renovation of instructional and instructional‐support facilities and paying costs and expense of issuance of the QZAB’s and the QSCB’s.
2018 Bond Elections
The district had two bond propositions, both for $75 million that were approved in November 2018. The first of which was to refund the $75 million 2015 maintenance tax notes, allowing the remaining principal and interest to be paid from the interest and sinking fund. The second $75 million was to purchase approximately $60 million of new buses, replenishing the current fleet inherited from Dallas County Schools. The remaining $15 million will be used to purchase/build a new bus facility.
2020 Bond Elections
On November 3, 2020 voters approved the two major Dallas ISD bond propositions: Proposition A, which is $3.2 billion to fund repairs and upgrades to more than 200 of the district’s 230 campuses, and Proposition B, which is $270 million to cover the cost of purchasing and making updates to district technology. The proposition also includes funding for replacement schools for W. H. Atwell Law Academy, Dallas Environmental Science Academy, Henry W. Longfellow Career Exploration Academy, Everette DeGoyler Elementary, Albert C. Black Elementary (Elisha M. Pease/W. W. Bushman Consolidation campus), Geneva Heights Elementary, Martha Turner Reilly Elementary, John Quincy Adams Elementary, Herbert Marcus Elementary, George Peabody Elementary, Lenore Kirk Hall Elementary school.
Commercial Paper Program
The district entered into a revolving credit agreement with JPMorgan Chase Bank, NA, the credit agreement will expire on October 3, 2021. Pursuant to the Order for the commercial paper program, multiple series of commercial paper notes may be issued in aggregate principal amount at any one time not to exceed $300,000,000. The district issued $800,000 Unlimited Tax Commercial Paper Notes, Series B under the Program on October 4, 2018, which was paid in full on July 1, 2019.
- Fitch: AA+
- Moody’s: Aa1
- S&P: AA+ (upgrade received November 22, 2019)