MIDLOTHIAN — After first receiving unanimous approval from the Midlothian ISD Board of Trustees, followed by roughly 58 percent of votes cast in the November general election, the next step of the $268 million bond process was back in the board's hands Monday evening.
With another unanimous approval, the MISD Board of Trustees approved the issuance of two bond programs to meet future district expansion and facilities updating needs.
MISD Chief Financial Officer Jim Norris briefed the trustees by informing those on the board that, “We are at the next step in the process. This requires the board’s approval to move forward with the issuance process."
Presenting the issuance timeline was Josh McLaughlin of BOK Financial Services, the district's financial advisers.
“We are ready to go forward with the bond sale process by taking the required steps for the issuance,” McLaughlin said.
By Feb. 10, all of the necessary steps for the sale of the Series 2017—A and 2017—B bonds must be completed by MISD and the paperwork filed by BOK Financial. The pricing and sales of the Series A bonds will begin the week of Feb. 13 followed by the pricing and sales of the Series B bonds the week of March 6.
The proceeds of the two sales will be completed and the funds delivered by the end of March, according to McLaughlin.
The total of the two bond issues voted on Monday is $68 million with $28 million being in the form of a fixed interest rate and the remaining $40 as variable rate bonds.
Included in the bond program will be the construction of elementary school number eight.
“Due to district growth, we must have the school ready to open by the fall of 2019,” said Norris, who noted that development plans for elementary No. 9 would also be a part this bond program.
According to Norris, several other campus and district technology updates are also planned, which include plans to renovate and improve the playing fields at the middle school.
“With these renovations, they will no longer use Don Floyd Stadium, but have a facility they can use,” Norris said.
Norris noted that Don Floyd Stadium will be torn down and the land will be repurposed with the building of baseball and softball fields, along with tennis courts.
"The district will have their own athletic facilities for these sports rather that depend on using city facilities,” Norris said.
In other business, MISD Superintendent Lane Ledbetter noted that this month is a special one for the MISD Board of Trustees.
“This month is school board recognition month. I value each and every one of these board members for the time they spend; this is not just a couple of hours a month meeting. They put in a lot of time for the kids,” Ledbetter said.
The district held a reception for the board during the meeting and each member of the council was also given gifts — with some made by the district’s student.
In a move to balance future elementary student enrollment overloads, board members unanimously to move a portion of the students that would be assigned from McClatchey Elementary to Longbranch Elementary.
The portion of the McClatchey district being reassigned includes homes in the Mockingbird Springs and Mockingbird Farms developments.
“There are no homes built yet in the areas. We want to be ready when construction begins and families start moving in,” Ledbetter said.