Spring Branch ISD, Texas, plans $62.9 million variable-rate bond sale

By Sheri Kasprzak

New York, Sept. 11 - The Spring Branch Independent School District of Texas is set to price $62.9 million of series 2013 variable-rate unlimited tax schoolhouse bonds, according to a preliminary official statement.

The bonds (Aaa/AAA/) will be sold on a negotiated basis with Jefferies & Co. as the underwriter.

The bonds are due June 15, 2041 and initially bear interest at a term rate until June 15, 2015, at which time the rate may be changed to a weekly rate or converted to a fixed rate.

Proceeds will be used to construct, equip, furnish and improve school facilities, purchase sites for school facilities and purchase school buses.

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