BELTON, Texas — The Belton ISD Board of Trustees approved refinancing a series of existing bonds, a move that is expected to save taxpayers $3.4 million by the end of 2021, the school district announced Sept. 20.
Bond refunding allows districts to refinance and take advantage of lower interest rates. Belton ISD said it was looking to refinance bonds from the 2012 bond approved by voters to build North Belton Middle School, Chisholm Trail Elementary and High Point Elementary.
“This community has come alongside Belton ISD and supported our needs over the years,” Superintendent Matt Smith said in a release. “We are grateful for this support and pleased when, with thoughtful fiscal management, we can again provide cost-savings to our taxpayers.”
The district's financial adviser said the action will save $3.4 million, bringing the total net interest cost savings to $2.6 million.
The board also heard about the district's debt capacity and the process of debt issuance. Belton ISD said the district currently has one of the lowest interest and sinking fund tax rates compared to other local fast-growth districts.
“Thanks goes to our current and past board and administrations for their thoughtful stewardship of taxpayer funds,” Smith said. “It’s put us in a good spot to have conversations about building and renovating facilities that will provide what our kids need for exceptional learning.”