DALLAS - Frisco Independent School District, Texas, is getting to work on plans to build three high schools in three years after voters approved $775 million of bonds.
The Frisco ISD Board of Trustees held a special meeting on May 19 to canvass the results of the May 10 bond election, making them official.
With that, officials began the work of beginning projects that had been on hold pending the election.
Based on enrollment projections and capacity considerations, deputy superintendent for business services Richard Wilkinson discussed the need to move forward with high school No. 9.
The district plans to bring bids to the board in August. The district expects to issue bonds based on projects that will need long-term funding as construction begins.
"This really is a fast-moving construction schedule," Superintendent Jeremy Lyon told the board. "We planned for this and now that voters have approved the bonds, we have to move ahead to execute that plan so that we can stay ahead of the growth."
High school No. 10 is set to open in 2018 and No. 11 in 2019, depending on the growth rate.
Overall, Frisco ISD plans to build 14 schools with the bond money.
This year's $775 million bond proposal was the second largest for the district behind a $798 million package approved by voters in 2006.
Frisco ISD carries underlying ratings of AA-plus from Standard & Poor's, Aa3 from Moody's Investors Service and AA-minus from Fitch Ratings, all with stable outlooks. The district's debt earns triple-A ratings with a guarantee from the Texas Permanent School Fund.
Frisco ISD is considered the fastest-growing school district in the nation.
In planning for growth, district officials said they do not yet know how Toyota's new headquarters in neighboring Plano will have on the district. Toyota plans to bring about 4,000 employees to its new location on the border of the Frisco, Plano and Lewisville school districts.
In addition to the school district bonds, the city of Frisco is planning to provide more than $100 million in public funding for a Dallas Cowboys training complex that will share some of its facilities with Frisco ISD. In a presentation to the Frisco City Council this month, planners were not specific about the degree to which the district would share the facility, which is expected to include a retail section known as "Cowboys Alley."
The training complex is expected to be completed by fall 2016. The Cowboys will be responsible for any costs above the $115 million pledge. The team will operate and maintain the complex.
A 2013 agreement with three companies controlled by the family of Cowboys owner Jerry Jones passed unanimously at meetings of the Frisco City Council, two city development panels, and school district trustees.
