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Board Approves Bond Financing Plan and Increases Total Savings to $204.3 million


In June, Denton ISD Board of School Trustees approved a financing plan for the remaining 2020 Bonds to fund the construction and renovation of multiple facilities detailed in the 2018 Bond Program.

          

The authorized sale of remaining bonds is part of the debt management practices the district has used to lower the borrowing costs of taxpayers throughout the years.   Since 2005, this practice has reduced the cost of voter-approved bonds resulting in $204.3 million in direct savings to district taxpayers.

 

The 2018 Bond Program approved by voters on May 5, 2018, for $750.5 million had a 74 percent approval rating by voters.

 

“I want to go back and thank the citizens of our community who supported the largest bond issue in this district’s history,” said Doug Chadwick, trustee, during the June 23 meeting.  “The things that we are able to accomplish here for our children are spectacular.  Now that we are able to get the last money moving to get the buildings going and finished up, everyone is going to be delighted.”

 

The historical bond yield for school districts has averaged 4.31 percent since 2000. Currently, the market is at a historical low 2.12 percent.  Municipal interest rates are nearing the benchmark low as they currently sit at 2.16 percent, making the timing of this authorized sale especially beneficial.

 

Projects from the 2018 Bond Program were split into two phases.  The first phase, which began with a bond sale totaling $442.43 million in September 2018 is well underway. 

Phase one projects included:

  • Replacement campus for Denton High School
  • Replacement campus for Woodrow Wilson Elementary School
  • Renovation of Strickland Middle School
  • Safety & security upgrades
  • Renovations & additions to athletics & fine arts at Ryan and Guyer High Schools

 

A total of $308 million remains for phase two projects. 

Phase two projects include:

  • Middle School No. 9 – Braswell Zone
  • Elementary School No. 25 – Braswell Zone
  • Renovation to current Denton High to become Calhoun Middle School
  • Replacement campus for Newton Rayzor Elementary School
  • Program Additions at the LaGrone Advanced Technology Complex
  • Renovations to Culinary Programs at Ryan and Guyer High Schools
  • Denton ISD Agricultural Science Center
  • Carrico Athletic Complex