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

  • Children walking along bright school corridor with motion blur

    How Next-Gen Design Is Reshaping the Student Experience

    The environments where students learn play a crucial role in shaping their growth in and out of the classroom. By centering design on well-being, flexibility, and purpose, districts can ensure their facilities remain vibrant community assets for many years to come.

  • USC Launches Major AI Initiative After $200M Gift

    The University of Southern California in Los Angeles, Calif., recently announced that it has launched a “transformational” new AI initiative thanks to a $200M gift, according to a news release. The project will leverage AI toward breakthroughs and innovations in subjects like the health sciences, business, security, and the arts.

  • Image courtesy of Kahler Slater

    UW–Madison Announces Completion of Morgridge Hall

    The University of Wisconsin–Madison recently announced that construction is complete on Morgridge Hall, a new academic building, according to a news release. The facility opened September 3 at the start of the fall semester, consolidating the School of Computer, Data & Information Sciences into a single facility for the first time.

  • FGCU Breaks Ground on New Health Sciences Building

    Florida Gulf Coast University (FGCU) has launched construction on a major new academic facility that leaders say will reshape healthcare education in Southwest Florida for decades to come, according to university news.