Keller — Keller district officials are looking to save money for future capital improvement projects while giving residents a small break on taxes.
At Thursday night’s board meeting, trustees are scheduled to vote on authorizing the refinancing of about $85 million in bonds for a savings of around $6.6 million. If approved, the superintendent or deputy superintendent could sign off on the sale in the next 180 days as long as the district could get an interest rate of no more than 4 percent.“This bond refunding is more complicated than any we’ve ever done,” said Deputy Superintendent Mark Youngs.The refunding—essentially refinancing for a better interest rate—would include funds in the 1997, 2000, 2005, 2006 and 2008 bonds and would not lengthen the term to complete payments.Youngs said the deal is designed to provide most of the savings back to the district in the first four years.Officials would likely wait a month or so before putting the bonds on the market because the Houston school district recently sold about $140 million in bonds, Youngs said.“We’ll watch the market and hop in when interest rates are right and supply and demand is where it needs to be,” he said.At the Jan. 17 board meeting, administrators told trustees that the district could use about $14 million remaining in the 2005 and 2006 bond issues to buy down the debt by about 2 cents on the tax rate. Keller is currently at the debt rate maximum of 50 cents per $100 of assessed value.Youngs said that with the increase in property values, the Keller school district could potentially have a $90 million bond election while holding the debt rate at 48 cents.The Keller district has about $38 million in remaining bond funds from the last five issues.Officials plan to use $14 million to pay down debt, due in large part to restrictions in the 2005 and 2006 bond balances.They also are considering the use of about $9 million to add a classroom wing at Timber Creek High School and another $6 million for some renovations, roofing repairs, cooler replacements, paint projects and the district’s portion of a joint project with the City of Fort Worth to widen the road in front of Eagle Ridge Elementary.Sandra Engelland, 817-431-2231 Twitter: @SandraEngelland
