Greenville ISD authorizes first $150 million installment of $399 million bond program
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Summary
The board authorized issuance of up to $150 million as the initial installment of a $399 million voter-approved bond program to fund a new high school, renovations and other projects, delegating sale logistics to administration.
The Greenville Independent School District board approved an order authorizing the issuance of up to $150,000,000 as the first installment of a voter‑approved $399,000,000 school bond program.
District financial adviser Doug Webb (Santo Capital) and bond counsel outlined a plan of finance that, in administration’s presentation, assumes a preliminary interest-rate model of 5.15% but expected pricing below 5%. Webb said the district plans to issue the $150 million in a negotiated sale in January, seek a permanent school fund guarantee to secure an AAA credit rating, and close the first installment on Feb. 10 so funds can be available for design and construction work.
The board’s motion authorizing the issuance and delegating authority to the administration to execute the sale documents passed on voice vote, recorded in the transcript as "Motion passes 6 0." The order includes the district’s declaration of official intent to reimburse eligible expenditures incurred prior to receipt of bond proceeds, which would permit use of bond proceeds to reimburse interim funding for design or early work.
Webb said the district intends to amortize a portion of principal in the early years to create capacity for future installments and that the administration expects to return for authorization of additional installments as projects move into construction.
The action gives district staff authority to proceed with pricing steps, credit‑rating discussions and underwriting logistics; administration said it will return to the board for subsequent authorizations as needed.
