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

  • Fargo, N.D., Starts Construction on Consolidated Elementary School

    Fargo Public Schools in Fargo, N.D., recently announced the beginning of construction on a new elementary school, according to a news release. The district partnered with ICON Architectural Group and Kraus-Anderson Construction on the new Horace Mann Elementary School.

  • Planning with Clarity: Using AI to Make Better Campus Decisions, Not Just Better Designs

    Higher education leaders are being asked to make increasingly high-stakes decisions about campus facilities amid greater uncertainty than ever before. Social and economic pressures, shifting enrollment, and evolving learning models compete with growing deferred maintenance needs to strain even the most robust infrastructure budgets.

  • Haws Corporation Marks 120th Anniversary

    Haws Corporation, which provides hydration and emergency safety solutions worldwide, recently announced that the company is celebrating its 120th anniversary this year, according to a news release.

  • Hawaii Elementary School Reopens Following $25M Campus Modernization

    Haʻaheo Elementary School in Hilo, Hawaii, has reopened to students following a three-year, $25-million campus modernization and expansion project that significantly increases the school's instructional space while preserving one of the island's oldest educational institutions, according to local news.