More than 150 high school students throughout the district gathered at the Raymond Hartfield PAC earlier this week to watch as the district sold bonds on the New York Stock Exchange.
Board Pres. Tiffanie N. Harrison, Superintendent Hafedh Azaiez, and CFO and COO Dennis Covington were on hand in New York for the sale to ensure that bonds were sold at the lowest interest rate possible.
This bond issuance—the second sale of 2024 Bonds for the first year of the district’s Bond Program—secured favorable market conditions and garnered an interest rate of 3.98%. The lower rate reflects the district’s strong credit ratings of Aaa by Fitch’s through the Permanent School Fund Guarantee Program and AAA underlying by ratings firm KBRA.
“This successful bond sale is a significant milestone for Round Rock ISD, ensuring we continue to provide safe, innovative, and high-quality learning environments for our students,” Azaiez said. “We are grateful for the community’s support of our 2024 Bond Program, and with these funds, we are poised to strengthen our schools and prepare our students for the future.”
Proceeds from the bond sale will fund:
- The purchase of new laptops and devices for students and teachers.
- New construction, renovations and expansions at campuses.
- Enhanced safety and security measures districtwide.
- The purchase of new school buses.
On Jan. 8, the district sold the first $100 million tranche of bonds, receiving a 3.33% interest rate on those shorter-term bonds.
The district worked with financial advisor Rudy Mejia of Nickel Hayden Advisors and structured the 2024 Bond Program at a 4.5% percent interest rate. The lower interest rates received on both of this year’s sales will save taxpayers roughly $15 million in interest over the course of the repayment. No taxpayer dollars were spent on the travel to New York by Harrison and district staff. Underwriters covered all costs for both trips.
