Well this is unexpected. LPS could actually save money -- some $900,000 -- by holding a special election in February rather than waiting until May to ask voters to say yea or nay to the latest bond issue. The savings would come entirely from the timing. An earlier vote means an earlier start on construction, which in turn means that projects wouldn't have to be rushed and require expensive overtime.
The major downside to a February vote is that you risk turnout problems due to foul weather. That issue could be mitigated somewhat by holding a mail-in election rather than a traditional one. I'm not sure what that would do to the demographics of the voters, or in turn what effect that would have on the likelihood of passage.
Overall, a February election sounds like a winner. I would love to hear arguments to the contrary, though.