Victor Quiroga Jr., with Southwest Securities, told trustees during the meeting Monday, “We are going to lock in a fixed rate of 4.67 percent, which we are very happy with.”
Trustees had originally discussed selling the bonds in late June or early July but decided to wait until now because of the possibility of additional state funding.
“We were able to pick up an additional $100,000 (in state funding) by waiting,” Quiroga said.
Superintendent Dr. John Hardwick Jr., in an earlier interview, said the school district was notified on Aug. 22 that the Texas Education Agency, through the Instructional Facility Allotment program, would pay about $5 million of the $12 million bond issue approved by voters last May.
While some of the projects planned with bond money have begun, others are waiting.
Hardwick, on Monday, said that they will soon be meeting with architects to discuss the new entry ways at FMC, R.A. Hall and Thomas Jefferson elementaries.
Erasmo Rodriguez, deputy superintendant, said that trustees were able to budget money for the track resurfacing, along with electrical upgrades at FMC, R.A. Hall and Thomas Jefferson.
Those projects are still in the works.
Hardwick said that the $1 million budget by trustees for these four projects, the electrical work and track, will be paid back to the district budget once the bonds are sold.