At a MISD board of trustees meeting May 21, the board approved the issuance of $3.5 million in bonds to fund final projects. This comes from the remaining $7 million in unissued bonds leftover from of an overall $220 million bond package approved by voters in 2016. Now $3.5 million unissued bonds remain for future projects.
The issued $3.5 million will fund various MISD projects including refreshes at multiple campuses, upgrades to campus security and safety, new technology initiatives as well as athletics and fine arts projects. These funds will also go toward final payments of the McKinney High School Performing Arts Center completed earlier this year at 1400 Wilson Creek Parkway, MISD Chief Financial Officer Jason Bird said.
Most of the 2016 bond projects are complete, according to the district. A few of the big-ticket items completed include the MSH Performing Arts Center and the McKinney ISD Stadium and Community Event Center, located at 4201 S. Hardin Blvd.
Remaining bond projects are expected to take place in phases over the next few summers, according to the district.
This summer, refreshes are set to start at Wolford and Reuben Johnson Elementary schools, and construction will continue on fine arts expansions at Cockrill Middle School, Evans Middle School and McKinney Boyd High School.
At the meeting, the board also approved refunding $27.8 million in bonds approved by voters in 2009 for a better interest rate.
This means the school district will have a significantly lower debt to payback on bonds sold and will ultimately allow MISD more financial flexibility, Bird said.
The refund is expected to save the district nearly $3 million in interest.