Skip to main content
Add as a preferred source on Google

Texas School District Bond Refi to Save $16 Million

  • By Dian Schaffhauser
  • 02/09/21

A Texas school district has refinanced its outstanding bonds, a move that it expects will save nearly $16 million. According to Waco Independent School District, the bonds' maximum interest rate of 4.28 percent has been cut down to 1.655 percent. That will save $15.84 million over the remaining life of the bonds, which ends in 2038.The bonds total $85.3 million.

"This was a clear opportunity to demonstrate good fiscal stewardship of district and community resources," said Superintendent Susan Kincannon, in a statement. "With RBC Capital Markets' guidance, our business and financial services department has taken advantage of low bond interest rates to save taxpayers money and reduce the district's debt service costs."

As part of the process, the district's Moody bond rating of Aa2 was reaffirmed.

"This is a very strong rating and reflects the district's history of conservative budgeting and management practices," added Assistant Superintendent for Finance, Sheryl Davis. "We are pleased that favorable market conditions provided us the opportunity to refinance these bonds to benefit the district and taxpayers."

The funding, which involved a series of bonds, paid for construction of a high school and three elementary campuses.

About the Author

Dian Schaffhauser is a former senior contributing editor for 1105 Media's education publications THE Journal, Campus Technology and Spaces4Learning.

Featured

  • Little Grand Market

    Designing for Belonging: Why Student Wellness Starts with Space

    From walkable site planning to flexible interiors, intentional design choices play a critical role in how students experience comfort, connection, and community.

  • Ohio State University Opens 26-Story Hospital

    The Ohio State University Wexner Medical Center recently opened in Columbus, Ohio, standing 26 stories and covering 1.9 million square feet, according to a university news release. The project marks ten years of effort and is the university’s largest single-facility construction project ever.

  • South Carolina District Starts Construction on $50M Middle School Renovation

    The Aiken County Public School District in North Augusta, S.C., recently held a groundbreaking ceremony for the $50-million renovation and expansion of North Augusta Middle School, according to a news release. The project’s funding comes from the 2024 renewal of a one-cent sales tax approved by local voters.

  • Utah Valley University Opens New Engineering Building

    Utah Valley University in Orem, Utah, recently held a grand-opening ceremony for the new Scott M. Smith Engineering Building, according to a news release. The facility is one of the largest engineering buildings in the state at almost 200,000 square feet, and it plays home to the university’s Smith College of Engineering and Technology (SCET).