The Waxahachie ISD Board of Trustees unanimously voted during its regular meeting, Monday, to call a $33.4 million bond election on May 2.
The package provides:
$28 million to build a 10th elementary school for the district
$2.4 million to purchase land for future building projects
$2 million for four campus improvement grants ($500,000 per campus)
$1 million for reimbursement to the general fund for heating, ventilation, and air conditioning (HVAC), and roof repairs throughout the district
The “conservative estimate” will not increase tax rates, according to Doug Whitt of SamCo Capital Markets, Inc., the district’s financial advisor.
The “33.4 million can be issued and not require a tax rate increase in a very similar fashion that you undertook your 2018 bond election,” Whitt told the Board.
The 2018 election saw the approval of a $23 million bond for the building of Max H Simpson Elementary, the district's ninth elementary school.
The financial advisor further explained that the interest and sinking (I&S) tax rate or debt service – funds to cover the principal and interest payments on outstanding bonds – would see no increase due to local property value growth and the district’s repayment of previously issued bonds.
If the package passes in May, it is expected it will be issued in August at an interest rate of 3.75 percent, which will not increase over the amortization period or length of time to pay off the loan.
The trustees also unanimously approved a motion to refund three previously issued school building and refunding bonds from 2007 and 2010 to save an estimated amount of $4 million, or $235,000 a year over 17 years.
With upcoming term expirations for Secretary Judd McCutchen and Vice President Clay Schoolfield, a board election was also approved for May to fill those two seats.