Education
BY JARRETT WHITENER
Boerne ISD reaches 28% paid off on Bond 2022, years ahead of schedule
In early February, Boerne ISD crossed a milestone of paying off $45.6 million on the bond passed in 2022, which is years ahead of schedule, district staff said. The $165.64 million bond authorized by voters funded the construction of Viola Wilson Elementary School, additions to both district high schools, library renovations at four elementary schools, the construction of an Aquatic Learning Center and other district improvements. Staff said 31 of 32 total projects have been com- pleted over the past three years. Marking a milestone According to a Feb. 17 news release, the district has been able to structure repayments and refi- nancing in order to save significant taxpayer dollars on all bonds, not just 2022 Bond projects. Since the 2016 bond election, the district has saved more than $85 million in interest, paying back
30-year loans at a pace of an aver- age 25-year loan or 20-year loan in some instances, staff said. Director of Communications Maggie Dominguez said the district was scheduled to pay off the 1998 bond debt in 2028, but it was paid off in 2024. The district paid down debt from the 2002 bond while making aggressive payments towards the more recent bonds. Dominguez explained that district staff structures the debt to be callable within a shorter time, meaning the district can refinance, refund, defease or take other action faster. “This creates a callable ‘lad- der,’” Dominguez said. “With a well-structured ladder, we can take action each year to see what we have available in the I&S fund to pay debt down faster. Our structur- ing of that debt to become callable sooner has also decreased interest payments by millions so far.”
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“The district’s strategic approach to managing bond debt is saving millions of dollars in taxpayer money. Our community deserves this kind of responsible fiscal management.” KRISTI SCHMIDT, BOERNE ISD BOARD PRESIDENT
Bond 2022 debt management
32 projects outlined $45.6M of principal paid off
Bond 2022 payment progress 28%
$165.64M in voter-authorized funds 31 of 32 projects completed in three years
2022
2054
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SOURCE: BOERNE ISD/COMMUNITY IMPACT
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