Canutillo Bond sales, refinancing results in $1.8 million savings for taxpayers

The Canutillo Independent School District on Thursday sold and refinanced $77 million in bonds from the historic $387 million 2024 Canutillo Bond program, generating approximately $1.8 million in savings through lower interest rates.

The district sold $50 million in voter-approved bonds to fund construction and renovation projects currently underway across Canutillo ISD campuses. In addition, the district’s financial advisors, Nickel Hayden, proposed a refinancing of $22 million in previously issued bonds at lower interest rates that were successfully brought to market.

“We are beyond excited to continue delivering on our promise to build and modernize our campuses while also providing savings for our taxpayers,” Superintendent Dr. Josue Borrego said. “At a time when both the district and our families are looking for ways to stretch every dollar, news of these savings is especially welcome.”

The bond sale is part of the 2024 bond package approved by voters to rebuild and relocate Canutillo Middle School, Alderete Middle School and Davenport Elementary School into high-growth areas within the district. The bond program also includes the construction of a permanent campus for Northwest Early College High School, as well as safety and security upgrades, HVAC improvements, roofing projects and other renovations across the district.

The bonds are secured by Canutillo ISD’s unlimited ad valorem tax pledge and received conditional approval for guarantee by the Texas Permanent School Fund. The district also maintained a Aa3 rating from Moody’s Investors Service, one of the highest ratings awarded to government entities.

District officials said the successful sale and refinancing demonstrate strong investor confidence in Canutillo ISD’s financial management.

“Despite challenging budget seasons caused by limited state funding for operational needs, Canutillo has remained committed to strong fiscal safeguards and sound financial practices that have helped us maintain high credit ratings,” Canutillo ISD Executive Director of Finance Cristina Pulley said. “That work is now producing savings that will benefit taxpayers while allowing us to continue fulfilling the promises we made to our students and community.”

More information about the Canutillo Bond program is available at www.canutilloisd2024bond.com.

We are beyond excited to continue delivering on our promise to build and modernize our campuses while also providing savings for our taxpayers. At a time when both the district and our families are looking for ways to stretch every dollar, news of these savings is especially welcome.Dr. Josue BorregoSuperintendent of Schools