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Progreso ISD details $10 million 2022 bond spending; projects complete and encumbered
Summary
Business staff reported that the $10 million bond issuance (plus interest) funded athletic facilities, H‑back campus projects, canopies, and safety upgrades; presenters said projects tied to the bond are complete and the funds are encumbered.
The Progreso ISD business office presented an accounting of the 2022 $10 million bond at Tuesday's meeting, outlining issuance costs, interest earned and how the funds were spent across campus projects.
According to the report, the district issued $10 million with approximately $200,000 in issuance costs and earned roughly $564,000 in investment interest, yielding roughly $10.3 million available. The business officer listed major expenditures: athletics and facilities/equipment (~$3.3M), H-back projects (~$4.5–5.4M with the high-school H-back as the largest single project at roughly $3.7M), campus canopies and safety system upgrades (intercoms and fire alarms), and maintenance equipment (including maintenance trucks). The presenter said those projects were completed and the bond balance was fully encumbered.
Board members asked about outstanding balances, refinancing options and callable dates; staff said some prior bonds had been refinanced and said they would double-check callable-year specifics.
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