Hitting the Ceiling in Texas

Albanese, Elizabeth
December 2004
Bond Buyer;12/1/2004, Vol. 350 Issue 32020, p1
Trade Publication
This article reports that the triple-A rated Texas Permanent School Fund has reached its capacity for guaranteeing new-money school debt, leaving some districts in Texas scrambling for private insurance as the state's traditional source of credit enhancement becomes unavailable to them. School bonds typically account for approximately one-third of all Texas issuance, with a total of $8.7 billion of general obligation bonds sold by school districts in that state in 2003 and $9.1 billion sold in 2002.


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