By Kelly Walker
HPISD
Finance Officer
With
the passage of the 2015 bond election and an opportunity to refinance remaining
bonds from the 2008 bond program, these are busy but productive times for both
the Highland Park ISD Board of Trustees and the Board's Finance Committee,
which advises the board on financial matters. I am thrilled to report that our
combined efforts during the last few months have saved taxpayers millions of
dollars with the potential to save even more.
In
December, following months of discussion to determine just the right time to
maximize savings, the district refinanced $53 million of bonds remaining from
the 2008 election. The refinancing will result in a net savings to taxpayers of
more than $7.2 million over the life of the bonds - millions more than what was
initially projected.
The
timing of the refinancing was critical since interest rates were raised two
days later. The end result is that the district will save $600,000 in interest
each year for 13 years, equating to about half a cent on HPISD's tax rate.
Even
better news is that we're not finished saving taxpayer dollars yet. In an
effort to take advantage of 50-year lows in the bond market and the district's
strong bond rating, the board has authorized the district to sell $225 million
in bonds in February. This will allow work to begin in earnest on construction
projects approved by voters during the November 2015 election. While the sale
has yet to occur, we are confident that taxpayers will pay less than what was
initially projected during the fall to fund the new schools and renovations.
I
would like to thank my fellow trustees for their work in both fulfilling our
commitment to improve district facilities and for looking out for the interests
of taxpayers. Moreover, I sincerely appreciate the considerable expertise from
members of the Finance Committee in advising the board on the best course of
action. In addition to HPISD trustees, this committee includes eight volunteers
from the community, all of whom have extensive experience in the financial sector.
Their time and input has already proven extremely valuable and I look forward
to continuing to update you on even more progress.
Highland Park ISD
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