Trinity Basin Preparatory Bonds Guaranteed by Permanent School Fund (PSF)

DALLAS, Sept. 8, 2014 /PRNewswire-USNewswire/ -- Trinity Basin Preparatory, a 501(c)(3) nonprofit organization that operates four public charter schools in the Dallas-Fort Worth area, has become one of only six open-enrollment charter schools in the state of Texas to access the backing of the Permanent School Fund (PSF) bond guarantee. 

Operated by the Texas Education Agency, the Permanent School Fund guarantees bonds issued to Texas public schools, allowing districts to borrow at a substantially lower interest rate.  The PSF guarantee, which was previously reserved only for traditional public schools, is now available to eligible, open-enrollment charter schools.   

The bonds were issued after Trinity Basin Preparatory received an investment grade credit rating and the Texas Commissioner of Education authorized the guarantee of the bonds by the PSF of Texas. 

Currently, there are 187 operating open-enrollment charter schools in Texas, but only six who have met the rigorous financial standards necessary to receive and access the PSF guarantee.   

"Despite several obstacles, we have finally been able to secure all necessary funding, and have done so in a way that enhances our financial security for years to come," said Randy Shaffer, Superintendent/CEO of Trinity Basin Preparatory.

Just under $30 million in bonds were issued for the benefit of Trinity Basin Preparatory.  The proceeds will be used to refund existing debt and to complete renovations and construction of facilities, including a new state-of-the-art 78,000 square foot elementary/middle school campus in north Oak Cliff.  The bonds were sold at an interest rate of 3.98%.

"These PSF-backed bonds will provide our students with better facilities and equipment, while simultaneously ensuring that we have sufficient resources to help recruit and retain the best staff possible for all of our students," Shaffer said.

About Trinity Basin Preparatory
Trinity Basin Preparatory is a 501(c)(3) nonprofit organization operating four free public charter schools in Dallas and Fort Worth, with a current enrollment of over 1,800 students in grades Pre-K3 through 8.  Approximately 90% of students qualify for free or reduced lunches and approximately 60% are Limited English Proficient.  For more information, visit www.trinitybasin.net.

If you would like more information about this topic, please contact Shannon Carr at 214.946.9100 or email at [email protected].

SOURCE Trinity Basin Preparatory