Tioga Independent School District is an independent Texas school district located approximately 60 miles north of Dallas, Texas. Since 1961, the District only served grades K-8. The District experienced large growth in enrollment starting in 2012-2013 school year when they began to add grades 9-12th. The additional grades along with growth in the area forced the District to build a new high school. The District, through the Tioga Independent School District Public Facility Corporation, issued lease revenue bonds in 2016 to construct the new high school. The addition of the high school and annual increase in students forced the District to utilize existing cash reserves.
Crews acquired the 2016 lease revenue bonds in the open market and waived the 2024 optional call provision. Crews was able to work with Tioga Independent School District to refinance and restructure their existing debt and provide over $3 million in cash flow savings over the first six years. Our firm acted as the sole senior manager on the non-rated 22-year, fixed rate, tax-exempt bonds. The bonds were secured by Tier One Revenues of the District, subject to annual appropriation, and a mortgage on the high school.
Crews worked hard to serve our client in extraordinary ways by: