...Sale Date: Aug. 20 via negotiated sale. Series: $50,000,000 Unlimited Tax Schoolhouse Bonds, Series 2019A and $23,000,000 Unlimited Tax Refunding Bonds, Taxable Series 2019B. Purpose: To construct, renovate, and equip school buildings, to refund certain outstanding debt obligations for debt service savings, and to pay costs of issuance. Security: An unlimited ad valorem tax levied against all taxable property within the district. The Series 2019A bonds are further backed by the Texas PSF bond guaranty program, rated 'AAA' by Fitch. The downgrade to 'A+' from 'AA-' of the district's IDR and ULT bond ratings reflects Fitch's concern regarding potential further weakening of the district's financial resiliency given the high level of fiscal uncertainty inherent in a tax protest lawsuit by the district's largest taxpayer (Motiva Enterprises). The district's 'A+' rating is based on its moderate long-term liability burden and still adequate financial resilience. Fitch expects future revenue gains...
