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

  • Preparing for the Next Era of Healthcare Education, Innovation

    Across the country, public universities and community colleges are accelerating investments in healthcare education facilities as part of a broader strategy to address workforce shortages, modernize outdated infrastructure, and expand clinical training capacity. These projects, which are often located at the center of campus health and science districts, are no longer limited to traditional classrooms.

  • Malibu High School Campus Completes $102M Phase 1 of Construction

    Malibu High School in Malibu, Calif., recently announced that it has completed phase 1 of construction for its new campus, a news release reports. The first phase consisted of developing and modernizing the site of a former elementary school into a new, 70,000-square-foot, two-story facility.

  • Recent University of Pennsylvania Projects Receive LEED Certifications

    The University of Pennsylvania in Philadelphia, Penn., recently announced that three of its recent construction projects have earned LEED certifications, according to university news. The Vagelos Laboratory for Energy Science and Technology (VLEST) received a LEED Platinum certification, Amy Gutmann Hall a LEED Gold, and the OTT Center for Track and Field a LEED silver.

  • University of Rhode Island, Gilbane Partner for Three New Residence Halls

    The University of Rhode Island in Kingston, R.I., recently announced a public-private partnership with construction development firm Gilbane, according to a news release. Gilbane will soon start construction on three new residence halls with a total of 1,100 beds: two with apartment-style suites in northwest campus, and a reconstruction of the Graduate Village Apartments for graduate students.

Digital Edition