WFISD school board members gathered on Monday night to discuss a number of items, including the bond.
The main topic in regards to the bond was the payout. Officials had to decide between a 20 year and 30 year payout plan.
Each had its pros and cons. The 30 year plan gives them more time to pay it off, but it also comes with more interest. The 20 year plan allows them to pay it off sooner, but the interest rate is slightly higher. When it came down to it, school board members said they would save $20-million on interest if they went with the 20 year plan. This was the deciding factor when choosing the 20 year option.
"So far our interest rates are cooperating with us. That's a pretty big deal is interest rates." Michael Kuhrt, Interim Superintendent for WFISD said, "So, as those fluctuate that changes, so the sooner we get these sold at a better rate than maybe we were projecting then maybe it won't be quite as bad."
Even though the rate is slightly higher on the 20-year plan, officials still felt they were keeping their promise to the public. The rate is expected to be very similar to the rate they were predicting to the public before the May 2015 election.
As the market stands, the interest rate is 3.9-percent, but with the market changing they don't have the exact amount. They won't know the exact rate until they start selling the bonds.
This is why selling the bonds quickly while the interest rates are low is so important. Officials said there is a right time to sell the bonds. They hope to get that started after July 4th.
Another item on the agenda was salaries. A study was conducted and it showed that the district is below the market. Board members expressed how the district isn't competitive with other surround school districts.
This is why officials approved increasing salaries. Now, the starting salary for a teacher will be $41,500. Before it was $39,000 for first year teachers. Everyone else will see a three-percent increase.