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

  • University of Kansas Breaks Ground on Entrepreneurship Hub

    The University of Kansas in Lawrence, Kan., recently held a groundbreaking ceremony for the new KU Entrepreneurship Hub, according to university news. The Hub is part of the university’s School of Business and will include spaces for experiential learning and programming.

  • Vanderbilt to Partner with ABM for Campus Preservation and Modernization

    Vanderbilt University recently announced that it has selected ABM Performance Solutions for a preservation and modernization project at its New York City campus, according to a news release. ABM will deliver its end-to-end ABM Performance Solutions (APS) model to manage critical operations during renovation and maintenance.

  • Houston-Area High School Breaks Ground on 117,000SF Multi-Use Facility

    North Shore Senior High School, part of Galena Park ISD in Houston, Texas, recently broke ground on a new multi-use facility for student extracurriculars, according to a news release. The North Shore Multi-Use Facility will include dedicated practice and training space for the school’s athletics and fine arts programs.

  • Universities Continue to Launch Multimillion-Dollar Campus Transformations

    What makes the current wave of campus development especially noteworthy is its emphasis on multi-use functionality and community integration. Institutions are no longer investing solely in academic or athletic facilities in isolation. Instead, they are creating destinations that blend recreation, health, housing, and event-driven economic activity.