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

  • California District Opens New Robotics Center

    The Fremont Union High School District (FUHSD) in Cupertino, Calif., recently held a Grand Opening ceremony for a new, district-wide Robotics Center, according to a news release. The 14,500-square-foot facility was designed by Quattrocchi Kwok Architects (QKA); Landmark Constructors served as the builder and Blach Construction as general construction manager.

  • URI Cuts Underwater Ribbon on New Ocean Robotics Laboratory

    The University of Rhode Island recently held a ribbon-cutting ceremony for a new Ocean Robotics Laboratory at its Narragansett Bay Campus, according to a news release. Two students used a remotely operated vehicle to cut an underwater ribbon in a 30-by-20-foot test tank.

  • How Proactive Maintenance Can Transform Athletic Facilities into Strategic Assets for College Sports

    College athletics is entering one of the most transformative periods in its history. With NIL reshaping financial models and competitive expectations, athletic departments across the country are being asked to do more than ever with increasingly constrained resources.

  • Dallas-Area District Debuts Three New Facilities

    The Duncanville Independent School District in southwest Dallas, Texas, recently held ribbon-cutting ceremonies for three new facilities that resulted from a $170-million bond program passed in 2023, according to a news release.