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

  • Round Rock ISD Completes New Early College High School

    Round Rock ISD near Austin, Texas, recently announced that construction is complete on a new, 46,500-square-foot campus for Early College High School, according to a news release. The new facility will allow the school’s students and staff to move from portables into a permanent building and increase its enrollment to 500.

  • College of the Desert Hits Construction Milestone on New Campus

    College of the Desert recently announced that the construction of its new Palm Springs Campus in Palm Springs, Calif., recently reached a major construction milestone, according to a news release. The college is partnering with general contractor C.W. Driver Companies, which recently “topped out” the facility by placing the final beam in its structure.

  • Stanford Completes Construction on Graduate School of Education Facility

    Stanford University in Stanford, Calif., recently announced the end of construction on a new home for its Graduate School of Education, according to a news release. The university partnered with McCarthy Building Companies on the 160,000-square-foot project, which involved two major renovations and one new construction effort.

  • Surging Demand for Student Housing Fuels Major Campus Investment Opportunities

    University leaders throughout the U.S. are accelerating plans to modernize and expand student housing as enrollment stabilizes and demand for on-campus living rebounds. Recent data from the National Center for Education Statistics indicates that total postsecondary enrollment is projected to grow through the end of the decade, with undergraduate enrollment alone expected to increase by more than 8 percent by 2030.