Two and a half years after Bond 2004 was approved, all new schools, renovations and expansions promised to voters are either completed, under construction or about to go out to bid.

In addition, Northside’s financial team has helped taxpayers avoid $90.9 million in interest payments on the bonds so far, in part by refinancing bond debt at lower interest rates.

As a result of an aggressive debt management program, the District’s debt tax rate, now at 26.25 cents, is at the same level as when voters approved the $439 million bond in 2004.

“As long as we can continue to manage the debt through smart strategies, the taxpayer doesn’t really feel the impact of the bond,” said Oscar Cardenas, NISD’s executive director of Budget and Finance.

So far, three of the 11 new schools in Bond 2004 have been completed and are almost at full capacity. Murnin, Fisher and Wanke elementary schools opened this year and will hold dedication ceremonies in October and November. A fourth elementary school, Mead, which was the last school built from the Bond 2001 program, also opened this summer.

By February, all of the other eight schools will be under construction, “which is actually incredible to accomplish that,” said Jim Martin, assistant superintendent of Facilities and Operations.

It’s the most number of schools Northside has had under construction at one time and is indicative of the growth the District is experiencing. Enrollment, now at about 82,000, is growing by almost 4,000 students a year.

To handle the influx of students, plans already are in the works for a bond issue in May 2007. A Citizen Bond Committee will begin meeting at the end of the month to discuss a proposal.

Also by February, all school addition and renovation projects in Bond 2004 will be completed or under construction.

Raba and Mary Hull elementary schools currently are in the bidding process. This summer, major renovation projects at Jay High School, and Hobby, Jones, Sul Ross and Rudder middle schools also will be completed.

Overall, the cost of construction on all bond projects is about $12 million higher than anticipated because of construction inflation and the hurricanes that devastated the southern region last year, Martin said. Labor, materials and subcontractors are in short supply, which drives up prices, he said.

However, the additional cost will not affect taxpayers because it will be offset by interest earned from the bonds, the District’s 2005-06 fund balance and Child Nutrition funds, Martin said.

In the meantime, the District’s finance staff will continue to work to save taxpayers money by watching market conditions and refinancing bond debt, Cardenas said.

Other factors also help lower the bond’s impact on taxpayers, including a growing tax base and state-funded assistance, Cardenas said. In addition, the District did not sell all $439 million in bonds at one time and instead waited until the money was needed before selling.

Currently, the District has $169 million in bonds of the $439 million to sell, and more savings to taxpayers are expected, he said.

For a complete list of projects, status and budget, visit the 2004 Bond Status Report .