Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bond Financing topic
No spam. Unsubscribe anytime.
Board authorizes sale of $50M now and delegation to issue up to $96.175M in remaining voter-approved bonds
Summary
College Station ISD voted 7–0 to authorize issuance of up to $96,175,000 in remaining voter-approved unlimited-tax school building bonds, to sell $50,000,000 immediately to set next year’s tax rate and to permit refunding of up to $21,000,000 if savings meet board parameters.
Trustees approved an order authorizing issuance of the district’s remaining voter-approved unlimited-tax school building bonds (authorization up to $96,175,000) and delegated pricing authority for bond sales and potential refundings.
Finance staff (Miss Wilson) told trustees the plan is to sell $50,000,000 now to secure the district’s tax-rate calculations and hold the rest of the authorization, selling additional portions later when market conditions are favorable. Staff said refunding may be pursued for callable bonds only when it yields at least a 3% net present value savings and within board-set parameters; refunding authority cited a ceiling of $21,000,000 for eligible callable bonds.
The order sets a maximum true interest cost (TIC) of 6% and a final maturity no later than Aug. 15, 2052, and trustees approved it unanimously. Board members asked for timing clarification and were told the immediate $50,000,000 sale is intended to set the tax rate for the next school year, while remaining sales could occur after market improvements.
