The Tuloso-Midway Independent School District is readying itself to issue the final $3.8 million in bonds approved in 2006 for various infrastructure improvements around the district, which have now reached the home stretch.
The district is currently working to complete a massive series of bond projects, which have a price tag of $27.4 million, which began in 2007. The district has already seen the completion of new tennis courts at the middle and high schools, as well as a new science lab addition at the high school that had a grand opening in May.
The district currently has $1.4 million in bond money, also known as a betterment fund, available for any overages on projects. This includes $500,000 in actual bond funds and $900,000 in accrued interest income, said Carol Sue Hipp, assistant superintendent for business and operations at the TMISD.
The middle and high school's new tennis courts finished well over budget, school officials said, she said, and the roof replacement at the high school is now over budget as well.
The project began with a $3.97 million estimated price tag, but has since gone $200,000 over budget. This is due to the fact that the roofing and air conditioning is being replaced at once, she added.
Despite the setbacks, Hipp said the district is in a good position in terms of maintaining its betterment fund, which can be used for other projects if money is left over at the end of October. That is when all work on the bond projects is scheduled for completion.
"I feel like we've been very financially prudent," Hipp said.
Superintendent Cornelio Gonzalez agreed, saying he is happy that the projects thus far have been free of any major problems.
"I'm very satisfied with the progress and how we have been able to maintain the funding to where we are with the budget," Gonzalez said.
The district is now working on looking at potential buyers for the final $3.8 million in bonds, which will be used to complete all remaining construction projects at the district's schools. That decision may be made by the district's Board of Trustees at its July meeting, Hipp said.