Bond Descriptions

On September 4, 2008, the District issued its second tranche of GO bonds approved by voters in the May 2004 $450 million bond election.  With a par amount of $211,975,000, these bonds, Series 2008 Bonds, were sold with a reoffering premium of $9,629,583 and accrued interest of $983,667.  The bonds were sold in $5,000 increments with interest rates varying from 3.5% to 5.0% and maturity dates from February 15, 2009 to February 15, 2028.  A call option can be exercised for maturities after February 15, 2019.  The cost of issuance and underwriter’s discount totaled $1,513,305.  Proceeds of the bond were utilized to refund the $125,000,000 outstanding of commercial paper, which matured on September 4, 2008, the same day as the bond proceeds were received.  Remaining bond proceeds of $95,000,000 were utilized for constructing and equipping buildings in the District.  The bonds were issued and the tax levied for their payment, pursuant to authority conferred by the Constitution and laws of the State of Texas.  Part of these bonds were advance refunded in 2016.

On June 4, 2009, the District issued the third tranche of GO bonds, Series 2009 Bonds, for the $450 million bond election.  The Series 2009 Bonds have a par amount of $102,985,000 and were sold with a reoffering premium of $7,904,650 and accrued interest of $439,704.  The bonds were sold in $5,000 increments with interest rates varying from 1.5% to 5.0% and maturity dates from February 15, 2010 to February 15, 2029.  The cost of issuance and underwriter’s discount totaled $869,233.  Proceeds of the bonds were utilized to continue the constructing and equipping of buildings in the District.  The bonds were issued and the tax levied for their payment, pursuant to authority conferred by the Constitution and laws of the State of Texas.  Part of these bonds were advance refunded in 2017.

On January 15, 2010, the District issued its fourth and final tranche of GO bonds, Series 2010 Bonds, for the $450 million bond election.  The Series 2010 Bonds have a par amount of $47,060,000 and were sold with a reoffering premium of $3,394,071.  The bonds were sold in $5,000 increments with interest rates varying from 2.0% to 5.0% and maturity dates from February 15, 2011 to February 15, 2030.  The cost of issuance was $158,879 and underwriter’s discount was $295,193.  Proceeds of the bonds were utilized to continue the constructing and equipping of buildings in the District.  The bonds were issued and the tax levied for their payment, pursuant to authority conferred by the Constitution and laws of the State of Texas.

In 2019, the District incurred $6,777,139 in interest cost, of which $6,777,139 was expensed.  In 2018, the District incurred $7,867,427 in interest cost, of which $7,867,427 was expensed.