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

  • Western Kentucky University, Gilbane Announce “Elevate WKU” Partnership

    Western Kentucky University in Bowling Green, Ky., recently announced that it has reached the financial close on a on a public-private partnership (P3) with Gilbane Development, according to a news release.

  • Architectural Power for the Modern Campus Landscape

    For generations, an outdoor classroom only required a textbook and a patch of grass. Today, not only has the laptop replaced the printed pages, the rise of agile learning has turned campuses into study halls with students listening to lectures and researching topics from quads, gardens, and plazas. The challenge for architects and facility managers is to provide connectivity without cluttering the landscape with visual eyesores or creating safety hazards with extension cords.

  • Hawaii Elementary School Reopens Following $25M Campus Modernization

    Haʻaheo Elementary School in Hilo, Hawaii, has reopened to students following a three-year, $25-million campus modernization and expansion project that significantly increases the school's instructional space while preserving one of the island's oldest educational institutions, according to local news.

  • Cleveland High School Breaks Ground on Modernization

    Portland Public Schools in Portland, Ore., recently announced that construction has begun on a modernization project for Cleveland High School, according to a news release. The existing building will be replaced with a new, 300,000-square-foot facility at the same site.