EPISD saves millions of dollars after selling bonds

The new year will be the start of many changes at the El Paso Independent School District.

Officials are working to begin proposed projects after a $668.7 million bond was approved by voters last November.

On January 4, EPISD officials said $200 million in bonds were sold and received higher than expected interest from buyers, leading to a lower true interest cost.

As a result, the district saved $10 million.

The bond will be used for improvements across the district.

“Laptops, buses, turf for our athletic fields, all of those have shelf lives of much less than 20 years, so we want to make sure we finance those items with debt that will cover essentially the lifetime of that asset,” said EPISD Trustee Susie Byrd last year just before the bond was passed.

EPISD told ABC-7 last year the average lifespan of buses is no more than 15 years, however Byrd said the maintenance costs double after 10 years, making it much more cost effective to buy new buses.

Bond money will also go to modernized campuses, make upgrades to safety and security and consolidate schools with low enrollment numbers. The projects are expected to take three to five years to complete.

District finance officials said as EPISD plans for major construction projects, more investors are interested in buying EPISD bonds.

Carmen Arrieta-Candelaria, the District’s Deputy Superintendent of Finance and Operations, said there are a number of reasons for the heightened interest, like a strong financial performance of EPISD.

According to Arrieta-Candelaria, the approval of the November bond, the EPISD Penny Swap, strong governance and upgrades in credit ratings are also factors.