Opposition to a massive $775 million bond proposal is growing in Frisco, according to the Dallas Morning News.
Frisco ISD school board faces serious skepticism to their proposed $775 million bond that would add to an already enormous debt-load of $2.6 billion ($1.4 billion in principal plus $1.2 in interest owed), spend tens of millions on items that, arguably, should be purchased out of the district’s operating budget not the taxpayer credit card, and push the area’s property taxes that much higher for already-tax weary homeowners and businesses.
Perhaps worst of all though, if the district’s new debt is approved by voters, it could max out the ISD’s ability to issue any more debt until it finds additional capacity under the 50-cent debt threshold.
So far, even a small political action committee (PAC) has formed to oppose Frisco’s bond, the Responsible Spending Coalition of Texas, with founder Tom Fabry claiming that the district “hasn’t been forthcoming in detailing the district’s debt load and bond financing and the risks involved.”
And, of course, even the Foundation and its allies, like Empower Texans, have also been critical of the district’s eagerness to soak up more red ink without first looking for efficiencies (see herefor more).
Given the growing opposition to Frisco ISD’s huge new debt proposal and others just like it all around the state, one thing is becoming clear: the status quo is beginning to change. Texans are starting to wake-up to the mountain of local government debt that is growing around them, and the very real consequences that it’s having on their businesses, their homes, and their families.
And that is a good thing.