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Stafford MSD board approves $7 million tax‑revenue anticipation note at 3.48%
Summary
The Stafford Municipal School Board approved a $7 million tax and revenue anticipation note (TRAN) to cover operating cash shortfalls until property tax receipts arrive, accepting a low bid at 3.48% and authorizing closing on Oct. 1.
The Stafford Municipal School Board on Sept. 22 approved a resolution authorizing the issuance of a $7 million tax and revenue anticipation note, known as the TRAN Series 2025, to cover operating cash needs until property tax collections arrive. The board voted unanimously, 6-0.
Board officials said the district solicited competitive bids and accepted an offer from Texas Capital Bank at an interest rate of 3.48 percent. The district expects to close the borrowing on Oct. 1 and complete required signature pages at closing.
The TRAN is intended to cover the…
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