Within the issuance, trustees also approved refinancing $133.6 million of older debt to take advantage of lower interest rates, according to district documents.
The overview
The $25 million will be the second issuance from the $105 million bond, which is aimed at improving facilities and technology within the district, as previously reported by Community Impact. The first issuance was completed in August 2024, according to district documents.
The district is targeting bond packages from 2016 and 2017 for refinancing, as those have higher interest rates of 4% or more, according to district documents.
With the refinancing approval, PISD is projected to save approximately $10.1 million over the next six years, district documents show.
Quote of note
“Since 2012, the district has done refunding bond programs and also cash to feasance programs has saved over $58.6 million in interest cost for the taxpayers, which means [the district] has been very fiscally responsible with your dollars,” PISD’s Financial Advisor John Robuck said at the meeting.
What’s next
Now that the issuance and refinancing have been approved, the district plans to sell the 2016, 2017 and 2024 bonds by October.
By November, the bond issuance will be closed, according to district documents.
