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

  • University of Kentucky Reopens Scovell Hall

    The University of Kentucky recently reopened Scovell Hall, part of the Martin-Gatton College of Agriculture, Food and Environment (CAFE), following comprehensive renovations to the 120-year-old facility in Lexington, Ky., according to a news release.

  • Michigan District Breaks Ground on Sheridan Road School

    The Lansing School District in Lansing, Mich., recently broke ground on the new Sheridan Road School, according to a district news release. The school will measure 61,525 square feet and serve students in grades 5–8.

  • Carnegie Mellon University Receives $3B Gift to Launch New Campus

    Carnegie Mellon University in Pittsburgh, Penn., recently announced that it has received $3 billion—the largest individual gift in higher education history—from Citadel CEO and founder Ken Griffin, according to a news release.

  • University of Washington Opens New Broadcast Studio

    The University of Washington in Seattle, Wash., recently announced the opening of Sundodger Studios, a new broadcast, production, and content facility, according to a news release. The university partnered with Anthony James Partners for the design and development of the studio, which will host about 100 live broadcasts and 120 live videoboard shows per year.