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Board approves parameters to issue maintenance tax notes to fund McNeil renovation
Summary
The board authorized parameters allowing district staff to accept bids to issue maintenance tax notes to finance the McNeil Elementary renovation; advisors said the district expects about $10 million in proceeds and an all-in true interest cost near 3.21%.
The Wichita Falls ISD board authorized parameters for issuing maintenance tax notes to finance a full renovation of McNeil Elementary and gave staff authority to accept bids once the notes are priced.
Municipal adviser Murphy Davis Jr. of Century Management briefed the board on the financing plan, describing maintenance tax notes as the appropriate instrument because the project renovates existing square footage rather than adding new buildings. Davis said the district should receive about $10 million in proceeds after…
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