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 expansion and renovation projects will be sent out for bid in March. MISD will begin construction during 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.

“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.”

During the Dec. 14 meeting, the school board unanimously voted to authorize the issuance of the $92 million in bonds and set the parameters for the sale. The school board plans to adhere to a 25-year payback period at a 3.5 percent interest rate, although 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.

MISD plans to receive pricing rates from bond rating agencies Jan. 26 and close on the bond sale Feb. 23, he 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.”

Year in Review

MAGNOLIA ISD

• In August, the school board announced a 1 cent property tax decrease, from $1.3895 per $100 valuation to $1.3795, for the second year in a row. In addition, the 2015-16 budget included funds for 35 new teachers and other staff, a 4 percent raise for all employees and a first-year teacher salary increase from $46,000 to $48,000.
• On Nov. 3, voters approved both propositions of the $92 million bond referendum. Proposition 1 will allocate $84 million in bonds for a new fifth- and sixth-grade campus, conversion of the Bear Branch 6th Grade Campus to also offer fifth-grade classes and renovations and expansions at existing schools. Proposition 2 will allocate $8 million in bonds for a multipurpose conference center and installation of artificial turf on the two high school football fields.
• MISD officials received authorization in fall to offer the International Baccalaureate Diploma Programme to juniors at both high schools beginning in the 2016-17 school year. The internationally recognized diploma program and courses will be available to all upperclassmen in the following school years.