Texas School District Bond Refi to Save $16 Million

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

  • ProTeam Launches GoFit 6 HEPA Backpack Vacuum

    Technology leader Emerson recently introduced the new ProTeam GoFit 6 HEPA backpack vacuum, according to a news release. The vacuum was designed to capture 99.97% of particulates down to 0.3 microns—including atmospheric hazards like lead dust, mold spores, and other particulates—through an advanced filtration system.

  • Illinois Elementary School Breaks Ground on Campus Expansion

    Heather Hill Elementary School, part of Flossmoor School District 161 in Palatine, Ill., recently broke ground on a new addition to the school focused on student support and security, according to a news release. The district partnered with Wold Architects & Engineers for the expansion as part of a longer-term facility planning and modernization initiative.

  • New Campus Stadiums Evolve Beyond Sports into Community Assets

    New campus planning documents reveal an abundance of high interest in new stadiums, or renovations and repurposing projects for existing facilities. Many universities, in fact, are developing campus complexes with new stadiums as a draw for retail, hotels, and student housing. Multipurpose facilities with high-end features are being designed to attract large sports events of various types, concerts, and other university functions.

  • Kraus-Anderson Continues Work in Minnesota School District

    Maple River Schools in Mapleton, Minn., recently began construction on another project included in a district long-range facilities plan. Construction management firm Kraus-Anderson recently began work on two new classrooms and an outdoor track and field facility, according to a news release.

Digital Edition