Mar 27, 2024
Fine Arts instruments begin to arrive, Athletics projects are being lined up
The school board meeting on March 26 was a busy one for Bond 2023 action and updates.
Trustees unanimously approved two architecture firms to design a total of five bond projects. The board selected Parkhill for the new Transportation Facility, the Permian High School auditorium renovation, and JROTC facilities at PHS and Odessa High School; and they selected PBK for the new middle school and the new Career & Technical Education Center.
In an overview of the Bond 2023 progress, Trustees saw that a number of fine arts instruments have already been delivered and some $275,000 more has been encumbered for more instrument purchases. The Athletics Department has also been working quickly to get bids and has encumbered bond money for lighting at the baseball field and the tennis courts at OHS, and the baseball field at PHS; for middle school tennis courts to be surfaced; and for middle school gym bleachers. NOTE: See the finance breakdown on the homepage of www.ecisdbond.com for the latest figures.
In a series of action items:
· Trustees voted unanimously to approve the construction delivery method for two Bond 2023 projects: the JROTC facilities/renovations at PHS and OHS will be awarded through a Competitive Sealed Proposal, meaning the District will request proposals, rank the offerors, negotiate, and then contract with a general contractor for the work. Second, Priority I & II maintenance/repair projects will be done through Job Order Contracts, a popular method for these types of work. Instead of an RFP (as in the competitive sealed proposal) one bid is conducted and catalogued by skilled trade type, contractors submit price quotes for projects, and then the selected contractor can begin immediately if pricing is acceptable to the district. This method also provides the opportunity to include more local contractors. The action in this item also approved Gordian for Third Party Project Oversight, meaning the company will coordinate the day-to-day progress of all projects from beginning-to-end.
· Trustees voted unanimously to approve two Bond purchases over $50,000: Gordian for Third Party Project Oversight of Priority I & II repair/maintenance bond projects ($6,052,941); and Gallagher Construction Company, PROCEDEO, and TWS Advisory Group as a pool of qualified candidates who may be selected in the future for project management services ($4,000,000).
· Trustees voted unanimously to approve an updated bond financial advisory services agreement, keeping the agreement with the current company BOK Financial Securities, Inc.
The Board then took a look at the preliminary Bond 2023 financing plan with guidance from the District’s financial advisors, BOK Financial Securities. BOK lauded ECISD’s active management of its outstanding debt pointing out that since 2007 more than $50 million of direct savings for tax payers has been achieved with prepayments and refinancing. ECISD maintains independent bond ratings of “Aa3” by Moody’s Investors Service and “A+” by S&P Global Ratings both very attractive to investors. An initial sale is planned for May 2024 using fixed interest rates (Series 2024-A), with a second sale in June 2024 using variable interest rates (Series 2024-B) and then a third in August 2025 (Series 2025). This work is part of a plan for long-term financial stability for ECISD and the community. A sales announcement will be put together to be publicized for opportunity for local investors to purchase them first.
Following that presentation:
· Trustees voted 6-0 to approve the issuance of up to $196,230,000 Ector County Independent School District Unlimited Tax School Building Bonds Series 2024-A.
· Trustees voted 6-0 to approve the issuance of up to $100,000,000 Ector County Independent School District Variable Rate Unlimited Tax School Building Bonds, Series 2024-B.