The Kingsville Independent School District board of trustees approved the plan of finance to issue the unlimited tax school building bonds for the $40 million bond.

Voters approved the bond issue during the May 8 election.

Proceeds from the bonds will fund construction of a new H.M. King High School if the school district gets an instructional facilities grant from the state.

Robert Tijerina with Estrada-Hinojosa Investment Bankers, made the presentation on the unlimited tax school building bonds at the KISD regular board meeting held Tuesday.

The plan outlined the timeline and financial structure for the bond issuance.

“We feel very positive we will get IFA funding,” said Karen Griffith, KISD Chief Administrator. Some big school districts did not pass bond elections and this increases the chances for KISD.

The IFA, Instructional Facilities Allotment, application will be submitted by June 1 and KISD will know if the district will receive funding by late July.

The district’s estimated maximum IFA amount is $15,005,000. If the district is awarded IFA the state assistance will begin with the 2010-2011 school year.

The Texas Legislatures agreed to fund $75 million of IFA to districts who apply for state assistance.

The first round of bonds of $15,million will be sold August 1 and another $15 million in August 2011 and the final $10 million in August 2013

“This will reduce tax burden on taxpayers to sell at different times,” Griffith said.

In an addition KISD is applying for QSCB, Qualified School Construction Bonds, which could result in additional tax savings. The current structured scenario would be contingent on market conditions and IFA and Existing Debt Allotment qualifications, according to Griffith

Next month a committee of about 20 people composed of KISD and community members will have input on the structural design of the new high school and will meet with architects every three to four weeks. Committee members will have input on the design of the building.

The architects will incorporate the same building styles of Gillett Intermediate and the new primary schools. After the architects prepare the structural documents, construction for Phase 1 of the school will begin the spring of 2011.

The plan is to build the new facility in three phases. Phase I entails the instructional facilities of building the classrooms, library and cafeteria. Phase II will be the demolition of the high school. The athletics, career and technology departments and the auditorium will be built during Phase III of the construction.

If plans proceed as anticipated a new H.M. King High School could become a reality in two years, according to KISD officials.