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

  • Springfield Breaks Ground on $53.7M Pipkin Middle School Rebuild

    Construction is underway on a new, state-of-the-art Pipkin Middle School in Springfield, Mo., a major step in Springfield Public Schools’ (SPS) long-term facility improvement plan, according to local news. The $53.7-million project officially broke ground in early June, following years of planning and community input aimed at modernizing aging infrastructure and addressing student capacity concerns.

  • ECM Technologies Wins ‘Most Innovative Business of the Year’ Award

    HVAC preventative maintenance and efficiency solutions provider ECM Technologies was recently named the “Most Innovative Business of the Year” at the 2025 Champions of Change Awards, according to a news release. The program recognizes Arizona business leaders and organizations taking steps to make a positive impact on the state through innovative thinking and philanthropy.

  • Tufts University Breaks Ground on Two New Residence Halls

    Tufts University in Medford, Mass., recently broke ground on two new residence halls with a total capacity of 664 beds, according to local news. The project’s ultimate goal is to expand on-campus housing and reduce pressure on the local housing market.

  • Clemson to Launch North America’s Largest College Campus Smart Parking Program

    Clemson University in Clemson, S.C., recently announced a partnership with smart parking and curbside management solutions provider eleven-x to launch a smart parking initiative for its population of 29,000 students and faculty, according to a news release.

Digital Edition