Northwest ISD issues another $75 million in bonds

By Richard Greene | Published Wednesday, August 27, 2014
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Northwest ISD trustees Monday night approved the second issuance of bonds from the $255 million bond package approved by voters in August 2012.

The action paved the way for another $75 million in bonds to be issued.

“It moves us along nicely with Eaton High School,” said Northwest Superintendent Karen Rue.

NISD Chief Financial Officer Jon Graswich told the board the district will be working with financial adviser First Southwest Co. to get the bonds to market quickly.

“The yields are low right now,” Graswich said. “We’re going for 4 percent interest rates. I don’t know if we’ll get it, but it’ll be close.”

The bond sale will not affect the district’s tax rate of $1.4525 per $100 of valuation, which the board approved Monday night. Staff said the payment can be supported within the current debt service rate of 41.25 cents. The district has a debt service fund balance of $16.75 million.

The $75 million issuance, along with the previous $50 million, leaves $130 million in bonds left to be sold. The district also has $45 million left to be issued from a $260 million bond package approved in 2008.

The tax rate approved by the board Monday was the same as last year’s, with a maintenance and operations rate of $1.04. The district’s tax roll grew to $11.248 billion from $10.64 billion last year.

The average home value in the district grew from $189,511 to $205,419.

No one spoke at the public hearing on the tax rate before Monday’s meeting.

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