On Wednesday, September 11, GCISD students were provided with a real-world experience when they were able to watch the District go to market to sell the remaining $60.3 million in bonds from the program approved by voters in 2016. The District was able to secure a true interest rate of 2.72%, a historically low interest rate.
The event was hosted by GCISD, the District’s Senior Underwriter, Wells Fargo and the District’s Financial Advisor, BOK Financial Securities at the GCISD Technology Education & Career Center (TECC). As part of the morning, students learned about the various roles of individuals involved in the sale of bonds, such as the financial advisors, bond counsel and underwriters. The students learned about municipal bonds and the pricing process, by receiving a daily market update from the underwriter’s desk and watching as bonds were sold in real time.
“We are so excited that we had the opportunity to engage students in the process of issuing the remainder of our bonds from the 2016 bond program,” said GCISD Chief Financial Officer DaiAnn Mooney. “Students are at the heart of everything we do in GCISD, so to be able to include them in this process has been incredibly rewarding.”
Approved in May 2016, the bond program affects every school in GCISD as well as other District facilities. The four prime objectives of the 2016 bond program are:
- Securing students and staff
- Growth and evolution
- Infrastructure
- Classroom experience
This is the second time GCISD has issued bonds from the 2016 program, In August 2016, GCISD issued the initial $188.6 million in bonds at a true interest rate of 2.80%. The District was able to implement the 2016 bond program at $85.8 million below the amount that was originally communicated to voters. Click here to learn more about the 2016 bond program.