At this month’s Regular Board meeting, district leaders provided trustees with an annual report of the 2024 Bond program. February marks the anniversary of the first bond sale, which made funds available to begin projects throughout the district.
Board Pres. Alicia Markum, Superintendent Hafedh Azaiez and CFO/COO Dennis Covington traveled to New York Feb. 11 and 12 for this year’s sale to ensure that bonds were sold at the lowest interest rate possible.
This bond issuance—which marked the third and fourth sale of 2024 Bonds—secured favorable market conditions and garnered interest rates of 3.77% and 2.61%, respectively.
“This year’s sale allows us to continue the great work we began in the first year of the bond—from safety and security enhancements to technology and learning space improvements,” Azaiez said. “We’re committed to being good stewards of these taxpayer resources while continuing to upgrade our schools for students, staff and the community.”
Proceeds from the bond sale will fund:
The start of comprehensive projects at 10 campuses. These projects will include work to begin classroom additions; turf, track and tennis court upgrades; HVAC and roofing; and the relocation/removal of portables throughout the district.
Work will begin at the following campuses and facilities: Berkman ES, C.D. Fulkes auditorium, Cedar Ridge HS, Deerpark MS, Great Oaks ES, McNeil HS, Stony Point HS, Westwood HS, CTE and Support Services buildings
Limited-scope and targeted projects set to begin include parking lot repaving, fire alarm upgrades, installation of new windows, playground installations, generator replacements and roofing improvements.
The favorable interest rates received on this month’s sales reflect the district’s strong credit ratings of Aaa by Fitch’s through the Permanent School Fund Guarantee Program and AAA underlying by ratings firm KBRA.
The district worked with financial advisor Rudy Mejia of Nickel Hayden Advisors and structured the 2024 Bond Program at a 4.5% percent interest rate. The lower interest rates received on both of this year’s sales will save taxpayers roughly $15 million in interest over the course of the repayment.
No taxpayer dollars were spent on the travel to New York by Markum and district staff. Underwriters covered all costs for both trips.
Learn more about the 2024 Bond Program.