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Photo credit: Bisnow Archives
The Houston Independent School District board will borrow $200M to cover a shortfall in the district’s $1.9B construction bond program.
The board voted 8-1 on Thursday to borrow the money, and trustees agreed extra cash was needed to cover rising construction costs. The board also authorized an additional $12.5M from the reserve fund, according to the Houston Chronicle.
The approval comes after a few skirmishes over budget estimates and internal audit findings that there were problems with the bidding process and controlling costs.
The money would only be spent if needed, and would go to buying better materials, swimming pools, increasing auditoriums and expanding athletic fields. [HC]
