Texas Bond Review Board Strategic Plan: Fiscal Years 2013-2017 Page: 12
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relationship is not direct since certain additions to infrastructure can be delayed for years after the
growth occurs.
Past population migration to the state's suburban areas forced many small and medium-sized
communities to increase financing for certain infrastructure. Some needs related to population
growth, such as classrooms cannot be delayed. In addition, infrastructure such as roads, bridges and
water treatment systems put in place during a boom period may, for safety or other reasons need
repair or replacement during later periods of economic challenge.
During fiscal year 2011, state issuances for new debt totaled more than $4.62 billion. Also during
fiscal year 2011, local entities issued $14.82 billion in new debt, including approximately $5.32 billion
for education. Borrowing for other primary purposes included transportation, water and sewer
facilities, general-purpose government, power and combined utility systems, health-related facilities,
economic development, prison and detention facilities, funds for pension obligation liabilities,
recreational facilities, solid-waste facilities, commerce, fire and public safety and computer
technology.
During fiscal year 2011 low interest rates contributed to the issuance of $785.3 million in refundings
of existing state debt to reduce interest costs, restructure existing debt and convert short-term debt
to long-term maturities. Local governments issued $8.88 billion and $9.92 billion and in refunding
bonds during fiscal 2010 and 2011, respectively.
As of August 31, 2011 the state had $40.50 billion in total debt outstanding and local governments
had approximately $192.74 billion in total debt outstanding.
If long-term growth in the state's population occurs as predicted, the following effects on
infrastructure development and debt issuance can be expected:
* Public school construction will increase, especially in high-growth areas, and the repair,
renovation and replacement of temporary facilities with permanent facilities may become the
focus of school construction;
* Construction at colleges and universities may flatten due to limitations on state funding;
* Continued high growth in many suburban areas will result in continued new infrastructure
needs in these locations;
* Construction and debt financing for water and sewer, transportation and general-purpose
government facilities will continue;
* Continued public support for low-cost student loans, affordable housing and economic
development will be needed;
* As the population of senior citizens increases, spurred by retiring baby boomers new health-
related and leisure-time facilities will be needed.
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Texas Bond Review Board. Texas Bond Review Board Strategic Plan: Fiscal Years 2013-2017, book, July 2, 2012; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth531984/m1/15/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.