Board awards $15M-plus taxable refunding bonds to Frost Bank; staff cite $11.35M in cash‑flow savings

The Bryan ISD Board of Trustees voted to award the district’s taxable unlimited-tax refunding bonds, series 2025, to Frost Bank after the district’s financial adviser reported bid results on Sept. 22.

Steve Adams, the district’s financial adviser with Specialized Public Finance, told trustees Frost Bank submitted the winning bid at 3.99 percent. Adams said the transaction produces an estimated $11,353,280 in cash‑flow savings and a present-value savings amounting to roughly 2.3 percent of the refunded principal. He said the district will close the transaction on Oct. 15 pending required approvals and completion of bond-counsel paperwork.

Adams and outside bond counsel explained the process, noting staff solicited bids broadly and received three responses, including offers from Texas Capital Bank and PNC. The recommendation was to award the bonds to Frost Bank and proceed with the delivery and required legal reviews by Norton Rose Fulbright and the attorney general’s office.

The board approved the motion authorizing issuance and sale of the taxable refunding bonds and levying an ad valorem tax to pay the bonds. The board’s voice vote on the motion was recorded as unanimous in the meeting transcript; the formal closing will follow standard municipal bond procedures, including final legal review and administrative steps.

District staff said the refunding is timed to move debt in a manner consistent with the district’s I&S (interest-and-sinking) tax rate assumptions and to realize interest savings for taxpayers and the district’s debt portfolio.