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

  • El Paso District Breaks Ground on New Elementary School

    The Canutillo Independent School District in El Paso, Texas, recently announced that construction has begun on a 119,000-square-foot elementary school, according to a news release. The district partnered with Pfluger Architects, Carl Daniel Architects, and LDCM Solutions on the new Davenport Elementary School, which has an expected completion date of 2027.

  • California K–12 District Finishes Renovations on Multi-Sport Stadium

    The Alameda Unified School District (AUSD) in Alameda, Calif., recently announced the completion of a renovation project on the Encinal Jr. & Sr. High School stadium, according to a news release. The district partnered with Quattrocchi Kwok Architects (QKA) and Bothman Construction on the facility, and funding came from Bond Measure B.

  • Moline-Coal Valley School District to Consolidate Two Schools into New Facility

    The Moline-Coal Valley School District in Moline, Ill., recently broke ground on a new elementary school that will consolidate the students and staff from two existing schools, according to local news. Robert Ontiveros Elementary School will serve as the new home for Lincoln-Irving Elementary School and Willard Elementary School.

  • UT System Approves First Funds for New Campus

    The University of Texas System Board of Regents recently approved funds to build the first facility of a new campus in far west Fort Worth, Texas, according to university news. UTA West will serve as a branch of the University of Texas at Arlington and is scheduled to open in fall 2028.