Moody's gives Aaa to Conroe I.S.D., Texas, bonds

Moody's Investors Service said it assigned Aa3 underlying and Aaa enhanced ratings to $97.09 million unlimited tax school building and refunding bonds, series 2008, issued by Conroe Independent School District, Texas. The rating affirmation affects $702 million in outstanding parity debt.

The expected sale date is June 16.

About $12 million of the proceeds will be used to refund a portion of outstanding bonds for a net present value savings of more than $826,000. The remaining $85 million is the first installment of a $520 million bond program approved by voters in May. The current issue will fund school construction.

The enhanced Aaa rating is based on the guarantee of the Texas Permanent School Fund.

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