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SISD gets low rate on bond; lower tax rate increase

20111021_SISD_SecondHighSchool_Site_CAB_0048MISSION — Sharyland Independent School District taxpayers won’t receive as high of an increase in their school taxes as originally projected by the school district.

In September, SISD had projected a 9.7-cent tax rate to district taxpayers to help pay a $55 million bond for a second high school. By getting a low interest rate on the sale of the bond, the tax rate increase will be 8.78-cents, almost one cent less than originally projected. Jesse Muñiz, assistant superintendent for business and finance, said the increase could be as low as 8.5 cents after the sale closes on Feb. 9.

Last week, the district was looking at getting a 3.89 percent interest rate on the bond sale. When the district ran everything through on Monday, they were able to get an interest rate of 3.80 percent. The difference in interest rates will save the district nearly $2.5 million.

The district also opted to pay the bond off in 29 years instead of 30, saving the district approximately $65,000.

Muñiz said the tax and interest rate are excellent deals for the community.

“The market was just right,” said Muñiz.

The district received a higher interest rate when they sold the $10 million bond that was passed in 2010.

Muñiz said the district’s “AAA” rating certainly helped in getting a low interest rate.

The district’s debt to property value ratio was seen as a good investment, as well.

“We secured a good deal for our district, for our taxpayers,” said Muñiz. “We’re excited.”

Fernando Ramirez agreed and said it shows it’s the proper time to build a second high school.

Ramirez said that a raise in taxes is always a concern and even though they projected one in 2010, they were able to not raise taxes.

“We’re extremely happy with the way it turned out,” said Board President Ricky Longoria.

One of the highlights of the whole process, Longoria explained, is that the tax increase won’t be as high as projected.

“We’ve been able to do well with the help of everybody involved,” he said.

Once the sale is final in February, the district will start actively working on getting the school built.

The actual bond was sold for $51.185 million. The tax rate increase will not be in effect until next year.

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CoverageAreaThe Progress Times is the hometown newspaper for the local communities of Mission, Sharyland, Alton, Palmview, La Joya and surrounding areas in Western Hidalgo County. We have a staff of veteran reporters who work diligently every week to bring our readers the latest news as it affects their hometown area and people.

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