- Approved bonds to finance infrastructure improvements
- $1.2B benchmarked for construction of schools in Texas
Voters in the U.S. on Tuesday approved at least 65% of the $28.7 billion in municipal bonds they were asked to decide, according to IHS Markit.
The $18.7 billion of approved borrowing will finance everything from road improvements to sewer lines, new schools, public transportation, stadiums and swimming pools. At least $4.8 billion in bonds were rejected by voters, while results on another $5 billion or so are still pending, according to IHS Markit.
The largest issue on the ballot anywhere Tuesday was a $1.2 billion school bond in Fort Worth, Texas. The measure, Proposition A, was winning by just 42 votes, according unofficial county election results. The measure was part of a package of bond proposals totaling $1.49 billion. The other portions, for projects like stadium construction and auditorium upgrades, were defeated, according to HIS Markit.
The $28.7 billion on ballots was well below the $45 billion voters faced during last year’s presidential election, even though some local governments scrapped borrowing plans at that time amid pandemic uncertainty. This year’s total is the lowest since 2017, and slightly below average over the last decade, according to IHS Markit.
Bloomberg Politics
By Sri Taylor and Joseph Mysak Jr
November 5, 2021, 12:36 PM PDT
— With assistance by Nic Querolo