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

  • St. Lucie County, Fla., Breaks Ground on New K–8 School

    St. Lucie Public Schools in St. Lucie County, Fla., recently held a groundbreaking ceremony for a new K–8 school, according to a news release. The district partnered with Spiezle Architectural Group, Inc., for the design of the upcoming Ft. Pierce K–8 School, which comprises six buildings covering 215,000 square feet.

  • California District Opens New Continuation High School

    The Fort Bragg Unified School District (FBUSD) in Fort Bragg, Calif., recently held a ribbon-cutting ceremony for Noyo High School, a continuation high school that provides alternative education options for students in grades 6–12, according to a news release. The district partnered with Quattrochi Kwok Architects for design and FRC Inc. for construction, and the project’s funding came from Local Bond Measure B.

  • Texas A&M Opens First Building at Fort Worth Campus, Breaks Ground on Research Facility

    The Texas A&M University System marked a major milestone in the development of its Fort Worth campus by opening its first completed academic building and breaking ground on a second facility designed to expand research and industry collaboration.