BELTON (February 18, 2013)—As of Thursday, Belton taxpayers won’t half to dig as deep into their pockets, according to Belton ISD.
Belton ISD announced Monday that the district refinanced approximately $8.2 million of its Series 2006 Bonds to obtain lower interest rates.
Average annual savings to Belton ISD will be approximately $115,654, Belton ISD Public Relations Coordinator Judy Owens said.
The 2006 bonds carried interest rates between 4.875 and 5 percent, while the new bonds have an average interest rate of 2.584 percent, resulting in savings to the district of approximately $2.1 million over the life of the bonds.
“We had to wait a few weeks longer than expected as the federal debt discussions in Washington impacted some aspects of the bond markets, but we were able to lock-in savings as soon as markets rebounded. Our target was at least $2 Million in savings, so we were pleased to be able to exceed that for the taxpayers," Specialized Public Finance Financial Advisor Jennifer Douglas said.
This is the district’s fourth refinancing since 2010, BISD Superintendent Dr. Susan Kincannon said.
In April of last year, Belton ISD refinanced approximately $19 million of its Series 2004 Bonds.