Belton ISD to save millions with bond refunds

Local News

(file photo)

BELTON, Texas – The Belton Independent School District Board of Trustees approved refinancing a series of existing bonds on Monday.

This move is expected to generate savings of more than $3.4 million for taxpayers by the end of 2021.

Bond refunding allows districts to refinance to take advantage of lower interest rates, and Belton ISD is looking to refinance bonds from the 2012 Bond approved by voters to build North Belton Middle School, Chisholm Trail Elementary and High Point Elementary.

Jennifer Ritter, the district’s financial advisor with Specialized Public Finance, said the Board’s action will allow the district to enter into a bond refunding transaction projected to result in a total debt service savings of $3,438,176 – bringing the total net interest cost savings to $2,647,707.

Also at Monday’s meeting, the Board heard a report from Specialized Public Finance Inc. about the district’s debt capacity and the process of debt issuance. Belton ISD currently has one of the lowest interest and sinking fund tax rates compared to other local fast-growth districts.

The Board also heard a report from Mike Morrison, a Baylor Law School professor emeritus and expert on redistricting. Morrison outlined the law surrounding redistricting and presented a first draft of how trustee districts could be adjusted to balance population changes reflected in the 2020 U.S. Census.

The Board also approved the adoption of district key progress measures and campus objectives. These measures will continue to lead administrators and staff toward meeting the five district-wide goals trustees approved in July.

Source: Belton Independent School District

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