On May 27, a group of 13 students from the Harlingen Consolidated Independent School District accompanied Superintendent Dr. Art Cavazos and Chief Financial Officer Julio Cavazos to San Antonio for an opportunity to see first-hand the refinancing of the district’s school bonds.
“We are glad to have had the opportunity to give our students a glimpse into the financial workings of our district,” said Dr. Cavazos. “Our students asked great questions throughout the process. We hope that this was a significant learning experience for them, especially for those majoring in business, as they move forward in their studies.”
Students arrived at the FirstSouthwest headquarters early in the morning to witness the negotiation of terms between the district’s financial advisor, bond underwriters, and district administrators. They were given an overview, the reason for the refunding of the bonds and had the opportunity to ask questions about the process.
The meeting ended in the successful refinance of $43.6 million of school bonds. The refunding of the school bonds yielded the district a savings of $8,060,954.16 over the life of the bonds.
Students continued their trip by visiting Frost Bank headquarters with their business teachers. There they met with Duncan Morrow Vice President at Frost Bank Capital Markets, a Harlingen High School South graduate, to receive a tour of the trading floor as well as other bank departments.