Dear G-P Community: THANK YOU again for your support of Bond 2020, which passed with no increase to the total tax rate on November 3, 2020! Our team has been hard at work to move as quickly as possible so that you can see the results happening across G-PISD in record time, and as we move forward we plan to keep you informed every step of the way. Check below for the latest news as of Jan. 22, 2021:
Bond 2020 Market Success - This month, Superintendent Dr. Michelle Cavazos and Chief Financial Officer Brigitte Clark received notice from BOK Financial Securities that bond issues were successfully marketed and secured at an "all-in" true interest rate of 1.82% on January 12, 2021, which was 0.73% below the estimated interest rate of 2.55% previously communicated to the Board of Trustees.
Market Outcome for Previous Bond(s) - In addition, and based on favorable market conditions, the interest rate on the District's existing series (2013) bonds was successfully reduced from 3.50% to 1.76%. G-PISD's actual savings totaled $1,445,474 -- which is $210,849 higher than savings previously presented to the school board.
Taxpayer Savings due to Refunding Bonds - G-PISD's prior refunding programs have generated a collective savings of $5,878,817 for District taxpayers since the year 2013!
Early Childhood Center planning has begun! - While we work toward accessing bond dollars, the G-PISD team has been working through November and December to begin the request for qualifications (RFQ) process and initiate a search for an architectural firm to design the new Early Childhood Center.
Five-Year Planning underway for Capital Items - While we are waiting for funds, our teams including Transportation, Maintenance, Food Service, and others are building their plans to invest bond dollars in buses, kitchen equipment, and industrial items identified that will serve students as funds are released during the next five years.
Bonds are scheduled for sale next week so that funds can begin arriving to the district -- thus beginning the implementation of projects promised for Bond 2020. Stay tuned for more information coming soon, and THANK YOU againfor your continued support of our school district and the work we do as an entire community to serve our students, teachers, and staff!