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Brenham ISD sells $38.6M in school‑building bonds; board authorizes Series 2026 issuance
Summary
The board approved an order authorizing $38.6 million in unlimited tax school‑building bonds, series 2026, after financial advisor Steve Perry reported strong investor demand and a true interest cost of about 4.46%. Proceeds are expected March 17, 2026.
Brenham ISD officials told trustees Feb. 17 that the district’s bond sale produced strong investor interest and a favorable interest cost, and the board voted to adopt an order authorizing the issuance of unlimited tax school‑building bonds, series 2026.
Financial advisor Steve Perry reported that the district offered roughly $38.6 million in bonds and received about $150 million in orders, which allowed the district to accept a portion and reduce interest expense. “Your average interest rate, we call the true interest cost, [is] 4.46%,” Perry said, adding that bond proceeds are expected to be delivered March 17 and that the district secured a nine‑year call feature in 2035.
Perry told trustees Moody’s assigned a permanent‑school‑fund‑guaranteed rating (A) and the district’s underlying rating remains A1. He said the district’s fund balance had shown improvement in fiscal year 2025, which supported the positive market reception. After the presentation the board adopted an order authorizing issuance of the bonds; the motion passed by voice vote.
The presentation included an overview of sources and uses (construction proceeds around $39 million) and a schedule of debt service. Perry noted the underwriters purchased certain maturities to stabilize pricing and that the detail will be finalized in about a month before submission to the attorney general’s office.
