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 High School Opens New Classroom Building for 7th-, 8th-Graders

    Santa Rosa City Schools in Santa Rosa, Calif., recently announced the completion of a new classroom building for Piner High School. As the campus transitions to a Junior/Senior High School, the facility will play home to the school’s new population of seventh- and eighth-grade students.

  • DLR Group Announces New Mid-Atlantic Higher Education Leader

    Integrated design firm DLR Group recently announced that it has promoted Principal Shawn Gaither, AIA, LEED AP, to the role of higher education leader in the Mid-Atlantic, according to a news release. Gaither has served with the firm for more than 20 years, most recently as the national higher education business development leader.

  • California District Breaks Ground on Major Campus Renovation

    Alameda Unified School District (AUSD) in Alameda, Calif., recently announced that construction has begun on a major campus overhaul for Otis Elementary School, according to a news release. The district partnered with Quattrocchi Kwok Architects (QKA) and Lathrop Construction Associates, Inc., for its design and construction, respectively.