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

  • Miami University Approves New $242M Multipurpose Arena

    Miami University in Oxford, Ohio, recently announced that its Board of Trustees has approved construction of a new multipurpose arena at Cook Field, according to university news. The $242-million project will serve as a new centralized hub for student life and create space for economic development on campus.

  • Dallas ISD Voters Approve $6.2B Bond Package

    Dallas ISD voters have approved a record-setting $6.2-billion bond package that district leaders say will modernize aging campuses, eliminate portable classrooms and reshape learning environments across one of the nation’s largest school systems.

  • Academy of Classical Education Breaks Ground in Louisiana

    Charter Schools USA (CSUSA) recently announced the groundbreaking of a new public charter school in Covington, La., according to a news release. The Academy of Classical Education at Covington will enroll students in grades K–8 and is scheduled for completion in August 2026, just in time for the new school year.

  • 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.