Taxpayers, school bonds, and financial markets

Yesterday, Douglas County voters rejected a $395 million bond issue for renovation and construction of school buildings, and also dinged a $17 million ballot issue to finance educational programs and boost teacher salaries.

Somewhat overshadowed is the same-day news (via press release) that the American Academy Charter School, in Douglas County, received a BBB+ rating on a forthcoming $18.1 million revenue bond (which will price later this month).

I don’t want to call a single data point a potential trend, and a BBB+ rating is hardly a slam-dunk, but there is an interesting chasm here between voters who express dissatisfaction with tax increases to fund facilities for public school districts and a private financial market that — even now — may fund buildings for individual schools (whose revenues are largely based on existing taxpayer dollars).

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