Wise County Messenger

Northwest approves building bond

NORTHWEST


Northwest ISD trustees approved the issuance of $150 million in bonds at their meeting Monday.

The issuance will allow the district to meet expansion efforts and its growing needs. The bonds were approved by voters in 2021.

Trustees also set bond parameters, which include that the Superintendent, Interim Superintendent,

CFO or Executive Director of Financial Services will serve as the delegated pricing officers.

Northwest ISD Financial Advisor Jeff Robert provided information about the bond and current interest rates. While raising interest rates negatively impacts the district’s debt, Robert said it also is helping short-term investments.

“One of the benefits to the district is that you are starting to earn some interest on your general fund monies, debt service monies and your bond project monies,” Robert said.

Short-term rates have increased more rapidly than long-term rates which has increased the district’s earnings in some areas.

Robert encouraged trustees to move forward with the issuance to lock in the rates.

“If we were to price the interest today, it would be around 4.50 or 4.55,” Robert said.

The interest rate will be finalized after the transaction is priced. With this in mind, trustee Deanne Hatfield motioned to approve the issuance. Trustee Judy Copp seconded the motion and the issuance unanimously passed. Additionally, a construction report was given by Executive Director of Construction Tommy Osborne, which detailed the progress made to Seven Hills Elementary and Northwest High School.

A Seven Hills Elementary replacement campus was approved in a 2021 bond election. The future campus is being constructed behind the current school and is expected to be complete by August 2023. Osborne said that the beginning stages of the project are underway.

“We do have some concrete down in the slab areas and most of the front entry drive has been poured as well,” Osborne said.

Progress on the Northwest High School renovations and additions have been slower. Grading is underway for the Career and Technical Education wing and the drive to the addition but obtaining important documents to further the project has been difficult.

“We are waiting on the permit to get rolling on this, we should have it by sometime next week,” Osborne said. “We are getting as far along as we can but we should fall right into construction once we get that permit shortly.”

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