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

  • Haws Corporation Marks 120th Anniversary

    Haws Corporation, which provides hydration and emergency safety solutions worldwide, recently announced that the company is celebrating its 120th anniversary this year, according to a news release.

  • DLR Group Hires Three for Higher Education Practice

    Integrated design firm DLR Group recently announced that it has brought three new hires on board to help shape its higher education practice in California and the northeast, according to a press release.

  • University of Mary Washington Selects Builder for New Theater, Dance Facility

    The University of Mary Washington in Fredericksburg, Va., recently announced that it has selected construction and development firm Skanska to lead a series of renovations and upgrades to fine arts facilities, according to a news release.

  • Bradley Company Highlights Hygiene Tips for Global Handwashing Day

    In honor of Global Handwashing Day on October 15, commercial washrooms and emergency safety solutions provider Bradley Company recently released the results of its 2026 Healthy Handwashing Survey. The findings indicate simple, practical steps that facilities managers can take to encourage good hygiene on campus.