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First Bond Sale Saves $24.7 Million Off Initial Projections
Posted 08/31/2018 11:14AM
HEB ISD is pleased to report that the initial sale of Series 2018 Unlimited Tax Building Bonds produced a savings of $24.7 million from the original projections.
In May, Hurst-Euless-Bedford voters overwhelmingly approved the district's bond proposal to address growth, technology upgrades, and other improvements. During the summer, a bond sale was scheduled that could take advantage of market movements affecting bond sales, such as interest rates.
The sale of $85 million in bonds began at 9:00 am on June 27 and concluded at approximately 11:30 am. After all transactions were completed, the District had a "very good day in the market." The debt service requirement initially estimated to service the $85 million were projected to cost taxpayers $155,225,000 in principal and interest. The final results of the sale will only cost taxpayers $130,523,220 – a net difference of $24,701,780.
The remaining $114,000,000 in authorized debt approved by local voters is planned to occur during the summer of 2019.