TOMBALL - In its recent bond remarketing of the District’s Variable Rate Unlimited Tax School Building Bonds, Series 2014B-2, Tomball ISD fared extremely well, receiving a 0.26% interest rate, which locked-in an interest cost savings of more than 2.657 million over the next three years.
Tomball ISD saw several bidders aggressively rebid throughout the one-day, one-hour open period. The new interest rate of 0.26% did not impact the original structure of the Series 2014B-2 Bonds, including the final maturity date and the 2.657 million in cost savings equates to an average annual savings of approximately $885,906 in fiscal years 2021-2022 through 2023-2024.
“Tomball ISD benefits significantly from this remarketing. These savings give us more capacity for any future bond sales,” said Jim Ross, Tomball ISD Chief Financial Officer.
ABOUT TOMBALL ISD
Tomball ISD educates students to become responsible, productive citizens by providing innovative, individually rigorous, and personally valuable educational experiences. Founded in 1908, Tomball ISD now encompasses 83 square miles in northwest Harris County and southwest Montgomery County, and is located approximately 30 miles from downtown Houston. The district currently educates over 19,000 students at 22 campuses.