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 West Florida Opens New Laboratory Facility

    The University of West Florida recently announced that renovation work is complete on a new lab building for its campus in Pensacola, Fla., according to university news. Building 80 will serve as the home to the university’s civil engineering program and the Tyler Chase Norwood Construction Management Program.

  • Elevating Campus Maintenance: How Power Wash Drones are Transforming Educational Facilities

    As today’s campuses grow larger and more architecturally complex, keeping exteriors clean, safe, and inviting has never been tougher. Facilities leaders are under constant pressure to stretch budgets, meet safety standards, and support sustainability goals—all while tackling the stubborn challenge of exterior cleaning.

  • Pangram Secures Funding for AI Detection Technology

    Pangram, which provides technology that detects AI-generated text, recently announced that it has secured nearly $4 million in pre-seed and seed funding, according to a news release. The most recent round of investments, totaling $2.7 million, come on top of the pre-existing seed fund of $1.25 million.

  • 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.

Digital Edition