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The Bond Advisory Committee met for the first time this past week to hear a report on the status of the $1.415 billion bond that passed in November.
The committee was introduced to their roles and responsibilities and will meet with district leaders quarterly. It will hear reports on construction and project timelines; cost of projects and finance reports; and communication and marketing efforts.
The committee will present to the Bond Planning Committee each May and present the final report on Bond 2023 to the board of trustees.
OPERATIONS
New High schools
- An overview of the programming, design, and construction phases of the new high schools was given.
- The completion date of the schools is slated for 2028.
- The cost to build the new high schools is $985.2 million.
Middle School additions/conversions
- An overview of the programming, design, and construction phases of the middle school additions and conversions was given.
- Completion of classroom additions is slated for August 2026.
- The cost of the middle school additions and conversions is $123.2 million.
Upgrades to aging facilities
- Packages are currently being developed for the design phase of the projects.
- All projects have a target completion date of August 2028.
- The overall cost for upgrades to aging facilities is $203.4 million.
Safety and security
- Packages are currently being developed for the design phase of safety and security projects that will take place district-wide.
- Targeted completion of all projects is August 2028.
- The cost for all safety and security projects is $50.3 million.
New Elementary School
- An overview of the design and construction phases of the new elementary school that will be built in the Lone Star Trails subdivision.
- The target completion date is scheduled for 2025.
- The project cost is $53.3 million.
PROJECT MANAGER
The committee received an introduction from Parkhill, the Bond Program Manager, and learned about their roles and responsibilities throughout the process including staying on scope, budget, and schedule.
FINANCE
Resolution for Reimbursement
In September, the Board of Trustees passed a resolution that allows the district to reimburse themselves for expenses incurred related to Bond 2023, up to $50 million dollars. This allows the district to begin working on all bond projects without having to wait for bond dollars to be sold and received prior to spending funds.
Without a reimbursement resolution, incurring any cost associated with the bond program prior to selling bonds, the district would be required to spend local funds, which are already subject to recapture, and would result in the district not being reimbursed.
BOND SALE
The district is reviewing the construction timeline and working with our financial advisor to plan future bond sales strategically. Bond sales are expected to begin in the spring/summer of 2024.
RFQ TIME FRAME
An RFQ will be sent on November 30 to create a pool of underwriters for the district to utilize moving forward. The district will recommend the pool of qualified underwriters to the board before the March board meeting.
FINANCIAL PROCESS
The district will work with the Bond Program Manager to ensure projects stay within budget, review all construction invoices for accuracy, and provide financial transparency throughout the duration of the bond program.
COMMUNICATIONS
The midlandbond2023.com website will continue to be used to inform the community of project updates. The website will regularly be updated with project status and financial information along with Bond Advisory Committee meeting recaps
COMMUNITY ENGAGEMENT
Ideas were discussed surrounding community engagement including the creation of regularly produced project update videos and ground breakings.
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