As I read this story about the progress of school construction authorized by the 2007 bond referendum, it strikes me that we picked a heck of a good time to do this.
Piney Point is one of about 160 campuses in the Houston Independent School District that will be replaced, renovated or repaired as part of the $805 million bond initiative that voters narrowly approved in November 2007.
Nearly two years later, the district has broken ground on only two of the two dozen new schools it promised, but construction work should begin on at least seven other campuses by December, said Willie Burroughs, HISD’s general manger for construction services.
“We’re on schedule,” he said, explaining that the district is on track to finish all the bond projects by 2012.
This year’s hurricane-free season has been a blessing, and the weak economy hasn’t entirely been a curse. For example, Burroughs said, HISD was able to attract a slew of contractors, including some big names, eager to bid on projects.
And earlier this month, the school board heard good news from its bond adviser: Lower-than-expected interest rates could save the district $50 million.
The district sold half its bonds in March 2008 at a 4.79 percent interest rate. It plans to sell the rest this month at an even lower rate — likely 3.8 percent — said Terrell Palmer, senior vice president of First Southwest Company.
$805 million is a pretty nice little stimulus package for the local economy, wouldn’t you say? One wonders what the effect on the unemployment rate, among other things, might be. Seems to me it would be a smart move for HISD to hire an economist to figure that sort of thing out so they can toot their own horn a little and remind people of what they did the next time they need to float a bond package like this. Just a thought.