With the school year winding down, Garland ISD’s Bond 2014 work will begin to ramp up. The district has hired a project management company and drafted a four-year plan since voters approved the $455.5 million election last November. On May 19, GISD will sell its first batch of bonds in preparation to start projects this summer. The approximately $200 million sale will no doubt be helped by a report just released from Fitch Ratings.
“Fitch assigned the district a bond rating of AA+ with a Stable Outlook,” explained Deputy Superintendent of Business Operations Rene Barajas. “AA+ is the highest rating given by Fitch. Coupling that with our Aaa rating from Moody’s—also the highest given—we are now one of just three Texas ISDs to hold this combination of ratings.”
A global leader in credit ratings and research, Fitch Ratings makes their designations based on fiscal responsibility, debt history, regional economy and local tax base. GISD’s AA+ score means the district will incur a lower interest cost on the bonds.
“The district's conservative financial management practices have produced consistently healthy financial results, accumulating ample reserves,” stated the Fitch Ratings report.
GISD’s scheduled bond sale will provide funds for its first phase of projects, which includes renovations at 13 campuses and construction of two new facilities. Replacing all school computers over the summer is also included in the year one plan. And, the district will ensure all softball and baseball fields have lights and restrooms before the new season begins.