CANYON, TX (KFDA) - The Canyon Independent School District (CISD) plans to sell $29 million worth of bonds and refinance old ones to finance the new intermediate school.
In May of 2015, the board approved $34.8 million, but only $5.8 million was used for roof replacements, additional class space and preliminary construction.
Due to favorable interest rates, the refinanced bonds will save tax payers approximately $3 million dollars.
"If we can refinance from the bond program, that allows us to have more capacity in our I&S and keep our tax rate lower," Heather Wilson, the CFO of CISD, said. "This will also let us provide new bond money as well."
The bond program would give the school more room for additional debt and allow them to keep their I&S (interest and sinking) tax rate stable.
On Dec. 12, the CISD Board will meet to make a decision on these changes.
Construction on the new intermediate school has already started, but still requires these funds for the majority of the construction.
The overall goal of these plans are to keep tax rates low while dealing with the growing class sizes within CISD.
"The new intermediate campus is coming from a lot of 5th and 6th grade growth and Greenways is at capacity and we have portable there," April McDaniel, CISD Coordinator of District Communications, said. "We want to divide up that class and that is the biggest part of building the new intermediate school."