Victoria ISD financial adviser details Bond 2026 timetable; S&P rating reaffirmed

Ann Berger of Hilltop Securities presented a Bond 2026 overview to the Victoria ISD Board of Trustees, outlining roles of bond counsel, underwriters, rating agencies and the district's advisors and walking trustees through the sale timetable. Berger said the district's rating was reaffirmed and that the Permanent School Fund credit enhancement application has been approved.

"For those who I've not met before, I'm Ann Berger Intrikan, and I serve Victoria ISD as your financial advisor," Berger said, and later reported that "the district's double a minus was reaffirmed." She described a negotiated sale approach for flexibility amid volatile markets, and said the team expects a due-diligence call (Aug. 10), posting of the preliminary official statement (planned Aug. 12), pre-marketing (Aug. 19), pricing on Aug. 20 and a projected closing around Sept. 16. Berger told trustees they would receive hard bid numbers before being asked to act on an award.

Berger explained the transaction structure includes a $30 million 15-year component for maintenance and rehabilitation and a longer 30-year component for new construction; that mix affects the near-term tax-rate presentation. She emphasized the fiduciary role Hilltop is playing through disclosure, tax-rate analysis and coordination with bond counsel and underwriters. Trustees asked clarification questions about amortization and transparency; Berger and staff said the chart was intended to let the public see how shorter- and longer-lived projects are amortized.