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

  • Sam Houston State University Completes Athletic Stadium Renovations

    Sam Houston State University in Huntsville, Texas, recently announced the reopening of Elliott T. Bowers Stadium after an extensive renovation project, according to a news release. The university partnered with Stantec and DLR Group for the project’s design.

  • University of Washington Opens New Broadcast Studio

    The University of Washington in Seattle, Wash., recently announced the opening of Sundodger Studios, a new broadcast, production, and content facility, according to a news release. The university partnered with Anthony James Partners for the design and development of the studio, which will host about 100 live broadcasts and 120 live videoboard shows per year.

  • Building Beyond Simulation: Creating Immersive Ecosystems for Healthcare Education

    Health sciences education is one of the fastest-growing facility types in colleges and universities. The demand for medical, nursing, and allied health professionals is driving the creation and renovation of medical simulation training facilities that provide students with real-world experience through advanced simulation-based learning.

  • California High School Opens New Classroom Building for 7th-, 8th-Graders

    Santa Rosa City Schools in Santa Rosa, Calif., recently announced the completion of a new classroom building for Piner High School. As the campus transitions to a Junior/Senior High School, the facility will play home to the school’s new population of seventh- and eighth-grade students.