Toni Garrard Clay/AISD Communications Coordinator
Members of the Athens ISD Board of Trustees once again received an excellent report on the financial standing of the school district.
“It is my pleasure to tell you we did very well,” said AISD Chief Financial Officer Randy Jones during a recent board meeting.
According to the Texas Education Agency’s Financial Integrity Rating System of Texas report, the district achieved a perfect score of 100 points and an accompanying “superior” rating.
“The philosophy, practice and principles that you and the administration have put in place continue to guide us,” Jones told the board members.
The board also heard a report from Doug Whitt of SAMCO Capital Markets, which specializes in public finance and advises the school district. Whitt informed trustees that AISD is positioned to refinance its 2009 series bonds in order to reduce interest costs and annual debt service. In 2009, voters approved $3.75 million worth of bonds which were used to remodel South Athens Elementary, renovate what is now Central Athens Elementary (previously Athens Intermediate), renovate Athens High School (primarily the Annex to accommodate the state-required Career and Technical Education program), provide upgrades to the track area at the high school, as well as other district improvements, including roofing, electrical and technology upgrades. The interest rate payable on the bonds sold currently range from 3 percent to 3.7 percent. The final principal payment due date is in August 2024.
Whitt told the board that a refinance with interest rates in the 1- to 2-percent range would save the district about $8,800 per year for the eight remaining years, for a total of approximately $70,000.
“Your taxpayers should appreciate your efforts to squeeze every last drop of savings out you can,” said Whitt.
The board adopted an order authorizing issuance of the unlimited tax refunding bonds, series 2017, establishing the parameters for the refunding, and delegating authority to the AISD administration. Whitt said SAMCO would monitor the markets and possibly “pull the trigger” in January or February if conditions are favorable.