News and Spotlights
Recent news and events in the La Porte ISD Community are highlighted here. Use our submission form to suggest future "News and Spotlights" items.
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La Porte ISD Trustees Approve Sale of Bonds
| Friday, November 18th, 2005 |
 The LPISD Board of Trustees approved the sale of $63.7 million in construction and refinancing bonds at a special board meeting held on November 17.
The District’s Financial Advisor, Ryan O’Hara of RBC Dain Rauscher, told the Board that the bonds were sold at an interest rate of 4.751% which was in line with previous estimates and competitive with other issues sold this week. Refunding bonds in the amount of $4.06 million will be redeemed and reissued at a lower rate saving the taxpayers of La Porte ISD $146,863 in interest payments. The construction bonds sold will provide $60.725 million in funds that are primarily for new construction, renovations to existing
facilities and technology.
LPISD had initially scheduled a sale of bonds that would provide $50.8 million but was able to increase it to $60.725 through the refinancing of existing bonds and also when property values were greater than anticipated. This increase in the amount of bonds sold will not increase the tax rate presented to taxpayers. The rate is projected to increase gradually by $0.134 over the next seven years. |
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