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Northwest ISD approves $800 million bond sale authorization and $147 million refunding order; staff authorized to set final pricing
Summary
The Northwest Independent School District board approved an order delegating final pricing authority for an $800 million unlimited tax school building bond sale and a separate refunding authorization of up to $147 million, and discussed timing tied to Texas Senate Bill 4 homestead exemption hold-harmless provisions.
The Northwest Independent School District board on Monday approved an order authorizing the sale of up to $800 million in unlimited-tax school building bonds and a separate order to refund callable bonds, delegating final pricing authority to district officials.
The board’s actions, each approved 7-0, delegate final pricing authority to the superintendent and a district pricing officer and set parameters including maximum principal amounts, maximum true interest costs and minimum savings thresholds for refunding.
The question driving the timing of the sales was the recent state change to the homestead exemption under Senate Bill 4, which the district said creates a limited hold-harmless on interest-and-sinking (I&S) revenue for…
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