<p>WICHITA FALLS, Tex. – Often times in educational credit unions, it's the CU that leans on its benefactor-school districts-but at the $45 million Wichita Falls Teachers Federal Credit Union the tables were turned this month. Supporters of a special $121 million bond issue which included school district board members borrowed the CU's main office to operate a volunteer phone bank to conduct surveys and calls voters on behalf of a Feb. 5 bond issue. For a two-week period, nearly a dozen volunteers manned CU phones at night to conduct surveys and urge voters to support the bond issue. But the efforts turned out in vain as the bond issue failed by a wide margin in a Feb. 5 election. "Like a few others we were a little disappointed the bond issue didn't make it," lamented Eddie Tucker, president of the 6,300 member Wichita Falls Teachers CU. Nonetheless, he said, the CU felt it did perform a useful community service to its major sponsor. In the Feb. 5 election, voters turned down the bond issue by a wide margin – 60%-40%. Funds would have gone toward school renovation and construction in this north Texas community of 100,000. "There was some concern by voters at the size of the issue, and there were some communication problems in getting public support," explained Tucker. Tucker said a number of CU employees assisted the volunteer phone group who took over CU offices from 5:30 to 9 p.m. each night. Tucker said he anticipated the failure of the bond issue "will have some impact on us since there will be fewer new teachers hired" and there could be salary cutbacks. It was the first time a school bond issue had failed in Wichita Falls in 38 years. Tucker and other CU executives said the size of the bond issue was a major factor in the bond rejection as critics complained $121 million would have been proper for a large Texas city but not one the size of Wichita Falls. Supporters of the bond issue including school district board members sought out the CU facility since state law bars use of public facilities for campaigning. -</p> <p>[email protected]</p>
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.