AP/Photographer John Raoux
As part of the federal Qualified School Construction Bond (QSCB) program, Angleton ISD should be able to save local homeowners about $4 million in future school taxes. The QSCB, a part of the American Recovery and Reinvestment Act of 2009, provides interest-free or very-low-interest loans for school districts with qualified construction projects.
Because Angleton ISD already has these qualified projects underway, the district will be able to obtain one of these loans for $7,945,000 and will be able to pay off the loan years faster than originally thought, saving taxpayers millions in interest.
“AISD is at an advantage because we are already in the process of building new facilities and renovating and won’t have to wait to see if the proceeds could be applied if we pass a bond for construction and renovations,” Superintendent Heath Burns said.
“The impact will primarily be in the form of interest cost avoidance,” explained AISD Executive Director of Operations Scott McLean. “Normal amortization of $7.945 million in bonded debt issued at 4% over 25 years would generate an interest cost of $4.67 million.” The full impact of the QSCB program has not been completely analyzed but should be significant, according to McLean.
AISD plans to use the money for construction projects next summer.