DALLAS -- Texas officials said yesterday that plans to revamp a proposed $750 million revenue bond bank for school facilities appear dead as lawmakers focus instead on directly subsidizing debt payments by the poorest school districts.

State Sen. Teel Bivins, R-Amarillo, said he will propose a $50 million annual program to help districts with small property tax bases to fund capital programs. That, he said, would be more cost-effective than issuing revenue bonds for a bond bank, the alternative some lawmakers have been discussing since voters rejected the earlier bond bank plan and its general obligation issuance on May 1.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.