The Ector County ISD Bond Oversight Committee on Tuesday got an update on projects included in the $424,263,000 bond.
Voters approved one proposition of a three-proposition bond Nov. 7, 2023. The total proposed bond amount was $436,109,000.
“This year the wheels are churning; things are happening,” Superintendent Scott Muri said.
The scheduled completion of bond projects is 2028.
Chief Financial Officer Deborah Ottmers said some work has been done, bidding and request for proposals, qualifications and information is going on.
Ottmers said there are purchase orders in place for the middle school, transportation facility and career and technical center.
Some items are purchased through coops and a variety of processes according to the law.
About $300 million in bonds will be sold in May or June and then $120 million next summer.
“We’ve been working on ensuring that our credit rating is appropriate,” Ottmers said.
She added that the school finance outlook is a little challenging right now in Texas.
The district is in its fifth year of the same amount of state funding for students.
Ottmers said they have selected a pool of six bond underwriting firms. Fixed and variable rate bonds will be sold with the fixed rate bonds going first.
They will advertise the sale of the bonds so residents may purchase them.
Muri said community members will have first dibs before they are opened up to the market.
Ottmers said they will learn the interest rates after they sell the bonds.
She added that the bond underwriters and financial advisors will work to get the best interest rate and the lowest fees.
Muri said it will take five years to spend the $424 million.
The career and technical education building committee has met four times and visited CTE facilities in Hobbs, N.M., and Abilene.
“They’ll spend this whole year in the design process, working with architects and engineers to really create that particular facility,” Muri said.
Once they start construction, it’s a year and a half to two years to build a facility.
“And so many of these large projects take many years to complete,” he added.
As for selling the bonds, Muri said ECISD will offer bonds to the community first.
“We’re getting ready to do that, so in the month of May and June members of our community will have a chance to purchase the first round of bonds that we’re selling. We’re going to take about $300 million worth to the bond market,” Muri said.
“We’re working with multiple firms on the sale of those bonds. … Within the next several weeks, there will be some advertising that will come out, and so members of Ector County, folks that live in this county, will have a chance to purchase first before they ever hit the market. Information is forthcoming, but any resident of this community that is interested in purchasing those bonds, I just encourage you to pay attention over the next couple of weeks. We’ll provide that information (to) members of our community,” Muri said.
The bond oversight committee meets quarterly.
