School district avoids voters, sells almost $11M in tax notes

 The Mount Pleasant Independent School District is selling $10,915,000 in Maintenance Tax Notes, Series 2016, with sealed bids due Tuesday, October 25, 2016, at 11:00 a.m., Central Time. The notes will not be designated as "qualified tax-exempt obligations" for financial institutions.

Sealed bids, plainly marked “Bid for Notes”, should be addressed to “President and Board of Trustees, Mount Pleasant Independent School District”, and delivered to Jeff Robert at FirstSouthwest, 1201 Elm Street, Ste. 3500, Dallas, Texas 75270, prior to 11:00 a.m. Central Time, on the date of the bid opening.   All bids must be submitted on the Official Bid Form.

The bids for the notes will be publicly opened and read in the offices of FirstSouthwest

Company, at 11:00 AM, Central Time, on Tuesday, October 25, 2016. The Board of Trustees of the District will take action to award the Notes (or reject all bids) at a meeting to commence at 5:30 p.m., Central time, on October 25, 2016. The Notes will be stated to mature on August 15 of each year until 2036.

Proceeds from the notes will be used for various renovations and improvements to District facilities, computer purchases throughout the District and to pay costs of issuance related to the Notes.

The Notes are direct obligations of the District, payable as to principal and interest from an annual ad valorem maintenance tax levied, within the limits prescribed by law, on all taxable property located within the District.

The District will not apply for municipal bond insurance on the Notes and the Notes will not be guaranteed by the Permanent School Fund of the State of Texas.