Mineola school construction bonds will cost less than advertised, the MISD board learned Monday.

The sale of those school bonds Monday combined with a preliminary estimate of the school property tax rate mean taxpayers will see their bills calculated on a rate a few pennies less than the $1.20 proposed to pay for a new primary campus, Career and Technical Education (CTE) center, auto mechanics building and renovations to other high school CTE facilities.

Financial advisor Steve Perry said the bond sale Monday morning resulted in an average interest rate of just over 4%. He characterized that as not a bad number, as the sale was able to hit a “good spot” in the market.

Combined with higher property values across the district, the proposed tax rate to repay the bonds is forecasted at 22 cents, and that will continue to decline in the future as district property values continue to rise.

The bond package was sold at a tax rate of 24 cents.

On the other side of the tax rate – maintenance and operations – Business Manager William Bjork said a very preliminary estimate of the tax rate shows it will decline by more than two cents, to less than 94 cents. It sits at 96 cents now.

Bjork said the actual rate can be calculated once final values are received from the Wood County Appraisal District, expected on Monday. The final values could be slightly lower than the preliminary ones announced in May, after protests are factored in.

The bond sale will close on Aug. 8, Perry said, when the district will receive $29,855,000. He noted that the bonds are callable after nine years, should interest rates decline and allow the district to save some money.

In another school construction matter, the board gave final approval to Jackson Construction of Quitman to  serve as construction manager at-risk for the projects. The next step will be to receive a guaranteed maximum price from the company for the first project, the primary campus to be built on NE Loop 564.

In reviewing the preliminary 2022-23 budget, Bjork said expenses are up $939,202, which includes an increase of $101,541 in the district’s property insurance after its facilities were revalued.

Several security measures increased the budget almost $50,000. The school board was also introduced to Seth Capps, who has joined the Mineola ISD Police Dept. as its third member.

Campus handbooks were approved, with the high school noting a couple changes.

Principal Mike Sorenson said the length for shorts will be measured as fingertip length rather than an actual measurement. And a note has been added that some products available from vape stores can lead to a positive test for THC (the active ingredient in marijuana).

Juniors will also be given the same opportunity as seniors to be exempt from final exams.

The board accepted resignations from the following: Brad Gibson (teacher/coach), Deona Cox (HS science) and Traci Kuntzman (HS math).