The University of Texas at Austin

Capital Financing of Schools: A Comparison of Lease Purchase Revenue Bonds and General Obligation Bonds in Texas

This paper considers the key factors that distinguish lease purchase revenue (LPR) bonds and general obligation (GO) bonds as debt instruments for financing of school facilities in Texas. The authors conclude that LPR bonds typically have a higher interest cost that GO bonds. However, voter approval requirements implicit in the state aid formulae supporting school bond repayments and bond election requirements are less stringent in the case of LPR bonds.

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