The district is moving forward with plans to carry out $92 million in bond projects.[/caption] After voters approved a $92 million bond referendum Nov. 3, Magnolia ISD administrators are taking steps toward implementing the first round of bond projects. “The projects that we are focusing on right now to go out [for bids] the soonest from a planning standpoint are the additions to Williams and Magnolia elementary schools,” MISD Facilities Director Tim Bruner said. “Because these projects have to be staged, we need to get started absolutely as soon as possible.” The $4.5 million renovation and expansion projects will sent out for bid in March and will begin construction over the summer break from school, Bruner said. Foundation work on the $10 million renovations at Magnolia and Bear Branch junior high schools is expected to begin this summer as well, he said. “We have a ton of renovation work to do at Williams and Magnolia elementaries as well as at the junior highs, and they are all going to be done over the summers,” he said. “There’s a lot of work that will go in. I’m hoping to get an earlier jump and get a lot of things done in summer of 2016.” In addition, construction on $60.5 million worth of projects for the new fifth- and sixth-grade campus next to Magnolia Junior High and the addition of fifth-grade classes at the existing Bear Branch 6th Grade Campus will begin this summer and open in August 2018. Included in the $60.5 million is $6 million for future school sites. During the Dec. 14 meeting, the school board unanimously voted to authorize the issuance of the $92 million bonds and set the parameters for the sale. The school board plans to adhere to an estimated 25-year payback period at a 3.5 percent interest rate, though the time frame may extend to 26 years, MISD Chief Financial Officer Erich Morris said. “We understand the specifics of the bond in terms of sale and amortization will be directly in line with what was presented during the bond election,” Morris said. The district plans to receive pricing rates from bond rating agencies Jan. 26 and close on the bond sale Feb. 23 in order for funds to be available by the end of February, Morris said. “Interest rates are at a historic low,” MISD Financial Advisor Terrell Palmer said. “It’s a great time to have $92 million to sell.”

MISD bond project completion schedule

Artificial turf on the high school football fields: summer 2016 District conference center: summer 2017 Renovation and additions to Magnolia Elementary School: summer 2017 Additions to Williams Elementary School: summer 2017 Renovations to Magnolia Junior High School: summer 2018 Renovations to Bear Branch Junior High School: summer 2018 New Magnolia fifth- and sixth-grade campus: summer 2018, open August 2018 New Bear Branch fifth- and sixth-grade campus: summer 2018, open August 2018