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

  • Los Angeles City College Breaks Ground on New Administration, Workforce Building

    Los Angeles City College (LACC) in Los Angeles, Calif., recently broke ground on a new $72-million administrative facility, according to a news release. The Cesar Chavez Administration and Workforce Building will stand four stories, cover 67,230 square feet, and play home to a wide variety of the school’s educational and administrative services.

  • Empowering People Through Smart, Sustainable Campuses

    Sustainability is facing increasing scrutiny, with some questioning its costs and priorities. Yet for universities, it remains an essential driver of resilience, operational efficiency and long-term competitiveness. At the same time, there is a growing recognition that sustainable transformation is not just about reducing energy consumption and emissions to comply with tightening regulations ‒ it’s about creating vibrant, comfortable environments where people can thrive, innovate and connect. For university leadership, this is a complex balancing act, with rising energy costs and limited budgets only adding to the challenge.

  • concentric silhouettes of a human head

    How Physical Space Shapes the Mind: Designing for Better Learning Outcomes

    Research in environmental psychology and neuroscience increasingly suggests that the way a room is designed can influence memory, focus, or even a student's sense of belonging.

  • South Texas K–12 District Debuts Region’s First Electric Bus Fleet

    The Valley View Independent School District in Pharr, Texas, recently announced a partnership with Highland Electric Fleets to launch the district’s—and the region’s—first fleet of all-electric school buses, according to a news release.

Digital Edition