The Wichita Falls ISD board authorized parameters for issuing maintenance tax notes to finance a full renovation of McNeil Elementary and gave staff authority to accept bids once the notes are priced.

Municipal adviser Murphy Davis Jr. of Century Management briefed the board on the financing plan, describing maintenance tax notes as the appropriate instrument because the project renovates existing square footage rather than adding new buildings. Davis said the district should receive about $10 million in proceeds after premium and that Standard & Poor’s reaffirmed the district's double-A-minus rating with a stable outlook. He told trustees the all-in true interest cost (TIC) on the proposed notes in preliminary pricing was about 3.21% and that formal pricing would occur Wednesday; the board's vote authorized staff to accept the winning bid on the district’s behalf.

Why it matters: The renovation is a major capital project for WFISD and the notes will be repaid from the district general fund over roughly a 10-year schedule, beginning in fiscal 2026–27, according to staff. Issuing tax notes mobilizes funds now to complete the renovation before students occupy the site.

Board action: A motion to approve parameters to issue maintenance tax notes was made and the motion passed unanimously (5–0). Staff said funds would be routed to the attorney general for final approval after the underwriting bid is accepted, with anticipated closing about a month after pricing.

Details provided to the board: The advisor said the preliminary par amount on the paperwork showed $9,000,190 in bond proceeds but, after premium, the district's expected proceeds are $10,000,000. Davis emphasized the all-in TIC figure for the district to consider and explained that the municipal advisor serves as a district fiduciary while the underwriter sells the notes to investors. Board members asked about process and timing; staff said they would price the deal and return under the delegated parameters for acceptance.

Ending: Trustees voted to approve the motion; staff will proceed with pricing and notify the board of final terms.