The Ysleta Independent School District announced today that the first portion of bonds have been sold as part the 2015 Bond initiative, totaling approximately $250 million.
Thanks to the forward-thinking strategies of YISD’s financial advisors First Southwest, the sale took advantage of the district’s favorable credit rating and strong bond market to lock-in a lower interest rate and debt burden than first anticipated in December.
As a result, the district’s tax rate for 2016 is projected to be $1.46, two cents less than what was initially promoted during the bond information campaign. Also, the district will save approximately $30 million over the life of the 30 year note than what was initially presented to the YISD Board of Trustees.
“Today is a great day for the Ysleta Independent School District, and more importantly for our students,” said YISD Superintendent Xavier De La Torre, Ed.D. “This is the first important step in making our dreams of providing new and modern facilities and learning spaces for our children a reality.”
Voters approved the $430.5 million bond referendum in November, which will result in an overall investment in YISD schools for the first time in 11 years. The first $250 million in bonds sold today will be used to fund the first list of projects, which are slated to be approved by the
YISD Board of Trustees at its Jan. 13 meeting. The remainder of the bonds will be sold to fund the rest of the projects after the first projects in the future.
Author: Ysleta ISD