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Harlingen CISD board approves maintenance tax notes series 2025; selects Robert W. Baird bid at 3.62% TIC
Summary
The Harlingen Consolidated Independent School District Board of Trustees unanimously approved a resolution authorizing issuance of Maintenance Tax Notes Series 2025 and accepted a recommended bid from Robert W. Baird & Co. at a true interest cost of approximately 3.62 percent from among eight bids.
The Harlingen Consolidated Independent School District Board of Trustees voted unanimously to approve a resolution authorizing the issuance of Maintenance Tax Notes Series 2025 and to award the sale to Robert W. Baird & Company Inc., which the board’s financial advisor recommended as the winning bidder at a true interest cost (TIC) of about 3.62 percent.
Mrs. Ida (staff) introduced the agenda item and said the district, through its financial advisors, solicited bids and received eight proposals ranging from a TIC of 3.62082 percent to 4.104613 percent. The board was presented with a recommendation to accept Robert W. Baird’s bid. Mr. Hinojosa, representing the district’s financial advisory team, discussed the competitive process and the practical effect of the award.
"The difference between the bid that we got back in December versus today, we saved about close to $300,000 getting a better bid today," Mr. Hinojosa said, summarizing the financial benefit. He also presented an estimated interest cost figure shown in the board presentation: $7,000,008.60 over the life of the financing for roughly $16.5 million of financing, according to his remarks.
Trustee Dr. Pettis moved to approve the resolution; Trustee Dr. Munoz seconded. Trustees complimented staff for the transparent process and for waiting for competitive pricing. A closing date of March 26 was mentioned and the agenda noted Attorney General approval would follow the sale. The motion carried unanimously.
The board authorized district staff to proceed with closing and required follow-up reporting; details of exact proceeds allocation were not specified at the meeting.
