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Bonds Sell at a Premium Rate

ECISD Public Information

With a “AAA” rating by Fitch Ratings in its portfolio, Edinburg CISD has sold the $111,920,000 in school bonds approved by voters last May at a premium rate, announced Rigoberto Abrego, Assistant Superintendent for Finance and Operations.

Abrego said the ECISD bonds sold at a 3-to-1 level of demand. “There was more demand for the ECISD bonds than there were actual bonds to sell,” said Abrego. The “AAA” rating gave the district a strong credit rating and confirmed it’s sound financial condition.”

Abrego said the school district was able to sell the bonds at a premium rate which enabled ECISD to sell the bonds with enough money left to pay all administrative expenses and have an overage of $310,000. The district sold the bonds at an interest rate of 4.87 percent.

The bond funds are scheduled to be delivered to the school district in early October, said Abrego.

“A strong credit rating such as the one assigned to the Edinburg CISD bonds means that when the district issues the bonds, the cost of borrowing is lowered, thus saving taxpayer dollars to repay the debt,” said Abrego. Bonds are direct obligations of the district, payable from and secured by an unlimited property tax levied against all taxable property within the district, said Abrego.

Fitch officials said “the underlying rating reflects the district’s expanding tax base, moderate debt burden substantially supported by the state, and healthy financial condition despite enrollment growth pressures and capacity restraints.”

“The Outlook was recently revised to the Positive reflecting the service area’s expanding and diversifying economy, the district’s solid voter confidence as reflected by the recent elections results, and additional maintenance tax capacity created by refunding the district’s lease revenue bonds with voter-approved general obligation (GO) bonds,” wrote Fitch officials.