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

  • LAN, Inc. Opens Office in College Station, Texas

    Lockwood, Andrews & Newnam, Inc. (LAN) recently announced the opening of a new office in College Station, Texas, to support its regional client base, according to a news release. The organization provides engineering, design, and program management services for water, wastewater, transportation, stormwater, and education clients in the Brazos Valley.

  • UNL Kiewit Hall

    Designing for Engineering Excellence: Integrating Sustainability and Wellness at UNLs Kiewit Hall

    Kiewit Hall at the University of Nebraska-Lincoln exemplifies how academic institutions can integrate sustainability and wellness into modern learning environments. With an integrated and collaborative team approach, Kiewit Hall addresses enhanced learning and creativity, physical health, and mental wellness, and fosters a sense of community through innovative design, operations, and policy solutions.

  • Los Angeles City College Breaks Ground on New Administration, Workforce Building

    Los Angeles City College (LACC) in Los Angeles, Calif., recently broke ground on a new $72-million administrative facility, according to a news release. The Cesar Chavez Administration and Workforce Building will stand four stories, cover 67,230 square feet, and play home to a wide variety of the school’s educational and administrative services.

  • textured paper collage shows a school building on fire as a fire truck sprays water into the flames

    Why a Fire Loss Is More than Flames

    We've all seen what fire damage can do to a property, but the types of damage building owners often encounter after a fire loss can exceed expectations. Having full awareness of the different forms of damage properties can sustain helps owners respond faster, reduce continued damage, and get back on the road to recovery in short order.

Digital Edition