PFC Board

Harris County Department of Education Public Facility Corporation (PFC) issues bonds to provide for the acquisition of and the construction and renovation of educational facilities in accordance with the Public Facility Corporation Act. In January 2006, the PFC issued lease revenue bonds that funded construction of the new Highpoint school and the acquisition, renovation, and equipping of the records management warehouse/administrative North Post Oak facility.

The Department issued maintenance tax notes in May 2009 and qualified zone academy bonds (QZAB) in July 2009 to fund energy and instructional related building repairs and renovations, along with accompanying equipment and furniture. In October 2016, the PC issued $7,000,000 Lease Revenue Bonds that funded the new construction of a replacement AB West Campus.

The Department implemented a $52 million capital improvement program Phase One to include the issuance of maintenance notes and lease revenue bonds. On October 5, 2021, the department issued maintenance notes in the amount of $13,695,000 and Lease Revenue Bond Series 2021 in the amount of $27,730,000. Moody's assigned a Aaa Rating to the HCDE Series 2020 Maintenance Tax Notes and Aa1 to the 202 Series Lease Revenue Bonds. The department also projects to use $5,740,000 from its fund balance in the general fund to implement the 2020 capital program.