...Sale Date: The week of Feb. 20, competitively. Series: $44,000,000 Unlimited Tax Refunding Bonds, Series 2017; $42,600,000 Unlimited Tax School Building Bonds, Series 2017. Purpose: Proceeds will be used for the construction, renovation, acquisition and equipment of school buildings, and the refunding of some of Bryan Independent School District's (Bryan ISD, or the district) outstanding debt for interest cost savings. Security: The bonds are payable from an unlimited property tax levy and are further backed by the Texas Permanent School Fund (PSF) bond guaranty program. (For more information on the PSF, see "Fitch Affirms Texas PSF Rating at `AAA'; Outlook Stable," dated Aug. 5, 2015.) The `AA' rating reflects the district's sound economic underpinnings, strong gap-closing capacity, and moderate fixed costs. The district's economic base is stable and mature. Capital needs are expected to be minimal beyond the current sale, keeping long-term liabilities a moderate burden on the resource...
