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Board approves local financing for stadium scoreboard and administration marquee at lower rate
Summary
Trustees approved a finance agreement to purchase a Tiger Stadium scoreboard and a marquee for the JFK Administration Building, accepting a Texas National Bank offer at a fixed 4.5% interest rate versus a prior 4.86% option, which the administration said yields savings.
The Mercedes ISD Board approved a finance agreement for the Tiger Stadium scoreboard and a marquee for the JFK Administration Building, selecting terms the administration said would save the district money.
Interim Superintendent Dr. Alicia Noyola told trustees the district pursued better finance terms after the prior underwriter sought a down payment; administration reported selecting Texas National Bank for a fixed 4.5% interest rate instead of 4.86%. Trustee Oscar Hernandez moved to approve the agreement and Trustee Ricardo Hinojosa seconded; the motion passed 5–0.
The administration said work on the scoreboard had not started and cited the lower fixed rate as the reason for choosing a local underwriter.
