LISD Receives PSF Certificate
Through the Bond Guarantee Program, the Texas Permanent School Fund is pledged to guarantee bonds issued by Texas school districts thus enhancing their credit rating. Bonds issued under the Bond Guarantee Program are rated AAA, thus allowing participating school districts to borrow at a lower cost. Lockhart ISD recently received its certificate. This guaranteed enabled LISD to sell bonds at a much lower interest rate than planned. As a result, the tax impact is also lower. Please refer to the related headline below.
Board Approves Contracts for Design and Construction
After reviewing statements of qualifications from 18 architectural firms, the Administration recommended and the Board approved Huckabee, Inc. as the design architect for the New Elementary School. At the September 22, Board meeting, the Board approved the contract terms with Huckabee. Huckabee will also provide design services for many of the various capital improvements at existing campuses.
The Board also approved a contract with Bartlett-Cocke. Bartlett-Cocke will provide "Construction Manager at Risk" (CMaR) services for the High School Additions and Renovations. The CMaR is essentially the general contractor for the project. This project specific construction method provides the District with benefit of having the contractor involved during the design process. For more information, please refer to the Lockhart High School update page.
Board Adopts Lower Tax Rate than Projected
Prior to the bond election, the District projected the interest rates on the bonds at 4.38%. Based on that assumed rate, the maximum tax rate increase was estimated at $0.3228/$100 in taxable value. The District was able to actually issue the bonds at an average interest rate of 3.859%. As a result, the Board adopted an increase of $0.2496/$100 in taxable value. This means the monthly impact to the average home value in Lockhart ISD of $89,793 will be $18.68/mo rather than the $24.15/mo projected. The chart below reflects the revised monthly impact to various home values based on actual average interest rate on the bonds.
|Net Taxable Value After Exemptions||$50,000||$75,000||$89,793||$100,000||$150,000||$200,000|
|Maximum Estimated Monthly Tax Increase||$10.40||$15.60||$18.68||$20.80||$31.20||$41.60|
Board Gets First Look at Detailed LHS Floor Plan
In December, 2013, LISD engaged Huckabee, Inc. as the design architect for this important project. Working with High School Staff, students, community members and Administrators, Huckabee developed a concept for additions and renovations to the existing campus. These improvements will increase the total campus capacity to 2,200 students, which will enable the district to move the 9th grade from M.L. Cisneros to the High School.
After successful passage of the bond referendum, Huckabee moved forward with Schematic Design. Working with High School staff and Administrators, Huckabee has reconciled the space program narrative with the proposed floor plan. The schematic floor plan, shown below, was presented to the Board of Trustees at their July meeting. For more information, see the Lockhart High School Project update page.