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Board authorizes up to $31 million maintenance tax note; trustees plan early payoff
Summary
The board approved a resolution authorizing issuance and borrowing related to a Manor ISD maintenance tax note; the district's advisers recommended Texas Capital Bank at a 3.75% rate and trustees indicated a goal to pay the note off early when tax receipts arrive.
The Manor ISD Board of Trustees voted unanimously to authorize district staff to borrow funds through a maintenance tax note and to adopt a related resolution at the May 19 meeting.
Financial terms and recommendation: Financial advisers representing the district said they sought competitive bids and recommended Texas Capital Bank’s proposal at an interest rate of 3.75%. The advisers reported other bids of 4.01% (Regions) and 4.39% (Huntington). The recommended structure allows the district to call and pay the note earlier without penalty.
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