GCISD bond sale secures 2.8% interest rate
Grapevine-Colleyville ISD has issued a portion of the $248.97 million bond package approved by voters in May. The district issued $188.65 million in bonds for the 2016 bond program at an interest rate of 2.8 percent. Prior to the public’s vote on the bonds, the district communicated to voters a projected maximum Interest and Sinking (I&S) tax rate increase of 12.81 cents. As a result of a secured lower interest rate, the actual I&S tax increase for these bonds will be 7.66 cents. The interest rate for the remaining unsold bonds could vary.
“We remain grateful for the community support we received during the 2016 bond election, and we are excited to have sold bonds at a lower interest rate than initially projected,” said Dr. Robin Ryan, superintendent of schools. “As we continue redefining education in GCISD, these bonds will further enhance the learning experience for all students. The new facilities and technology, upgrades and renovations to existing structures and the purchase of new equipment will help propel our students and staff as we continue to strive for success each and every day.”
By securing the 2.8 percent interest rate, projections show that over the 25-year repayment period, GCISD taxpayers will pay $84.9 million less in interest costs than what was originally projected for the 2016 bond program.