Del Valle ISD sold $125 million of the District’s November bond authorization. These funds will go towards paying for the projects listed on the DVISD bond webpage. The $125 million is part of the $284 million approved by over 75% of voters in the November bond election. Current interest rates in the bond market are at or near historic lows. The District projected a 25-year interest rate of 3.34% during the bond election, but due to favorable market timing, the District was able to lock in 2.57%. This allows the District to maintain the current debt tax rate and save almost $15 million in interest costs over prior estimates.
The Superintendent and Chief Financial Officer went to the offices of the district’s financial advisor, Specialized Public Finance, and watched as the bond orders came in from the underwriters. They were able to negotiate directly with the banking team to meet the District’s financing goals in on a real-time basis.
“Del Valle ISD prides itself on being fiscally responsible. We put our students’ educational needs first and focus on building community trust through sound financial practices that allow us to work more efficiently,” said David Edgar, Chief Financial Officer. “The timing of the bond sale allowed the District to take advantage of historic low-interest rates and lock in savings for the next 25 years for our district’s taxpayers.”