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Bond Sales

April 2013

Trustees approved an order authorizing the issuance of $145,845,000 Cypress-Fairbanks Independent School District Unlimited Tax Refunding Bonds, Series 2013.  The bonds were issued to refund previously issued bonds from the series 2002-B, 2005-A, and 2006 for a net savings of $17.5 million over the life of the bonds.

September 2012

Trustees approved an order authorizing the issuance of $75,965,000 Cypress-Fairbanks Independent School District Unlimited Tax School Building and Refunding Bonds, Series 2012A.  The bonds were issued to fund the 2012 school renovations, future school sites and buses from the 2007 bond referendum, and to refund previously issued bonds from series 2002A and 2003 for a net savings of $6.5 million over the life of the bonds.

January 2012

Trustees approved an order authorizing the issuance of $106,920,000 Cypress-Fairbanks Independent School District Unlimited Tax Schoolhouse and Refunding Bonds, Series 2012.  The bonds were issued to fund the purchase of technology and buses from the 2007 bond referendum, and to refund previously issued bonds from series 2001 and 2005-A for a net savings of $5.0 million over the life of the bonds.

September 2011

Trustees approved an order authorizing the issuance of $28,390,000 Cypress-Fairbanks Independent School District Unlimited Tax Refunding Bonds, Series 2011.  The bonds were issued to refund previously issued bonds from series 2001, 2002-A, 2004, and 2005-A for a net interest savings of approximately $4.0 million over the life of the bonds.

April 2010

The Board approved an order authorizing the issuance of Cypress-Fairbanks Independent School District Unlimited Tax Qualified School Construction (QSC) Bonds, Taxable Series 2010-A and Taxable Series 2010-B. QSC Bonds were created as part of the American Recovery & Reinvestment Act (ARRA). QSCBs are taxable bonds, sold at either low interest or zero interest rates. CFISD was authorized to sell $55,142,000.  Series 2010-A for $30 million was sold at zero interest rate and will fund the construction of Middle School No. 17.  Series 2010-B for the remaining $25.142 million will be sold at a future date and will fund the 2010 renovation projects.

August 2009

Trustees approved the sale of $33,535,000 Unlimited Tax Schoolhouse Bonds, Series 2009-A, and $191,465,000 Unlimited Tax Schoolhouse Bonds, Series 2009-B at a combined True Interest Cost (all-in cost) of 4.3385 percent. The Series 2009-B bonds are Build America Bonds, created by the federal stimulus bill. Build America Bonds are taxable bonds in which CFISD receives a federal subsidy of 35 percent of the interest paid. The federal subsidy amounts to approximately $2.5 million per year. As compared to other tax-exempt sales in the current market, the district saved $42.3 million in total dollars, with a present value savings of $23.7 million. The underwriting syndicate was led by Merrill Lynch.

July 2008

Trustees approved the sale of $250 million in new money bonds and refunded $8,965,000 in adjustable rate bonds (originally set in 2005) at a true interest rate of 4.56 percent.

June 2007

Trustees approved the sale of $250 million in new money bonds as well as the refinancing of $25.5 million of adjustable rate bonds (originally set in 2002), at a true interest rate of 4.78 percent.

March 2006

Trustees approved the order authorizing the issuance of Cypress-Fairbanks Independent School District Unlimited Tax Schoolhouse Bonds, Series 2006, totaling $200 million, and the refunding of approximately $74 million in outstanding bonds. The sale of $200 million in bonds marks the second sale from the successful 2004 bond referendum. The district increased the amount of this bond sale by moving up the construction of the middle and high school that are needed due to the enrollment growth experienced by the district. There will be no change in the tax rate promised the voters due to this increase in the bond sale. The refunding of the outstanding bonds will save the district approximately $3.3 million in interest payments.

 

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