For the past year, Splendora ISD Board of Trustees and administrators have taken advantage of lower interest rates and have been actively refunding debt on several of its bonds, saving the District and its taxpayers $2,944,773 over the life of the refundings!
Refunding occurs when a school district that has issued callable bonds, calls those debt securities from the debt holders with the express purpose of reissuing new debt at a lower coupon rate. In other words, the issue of new, lower-interest debt allows the District to prematurely refund the older, higher-interest debt.
“I’m very proud of Kevin Lynch, his staff, and our Board of Trustees for continuing to look for ways to be proactive about saving money for our taxpayers. As a taxpayer myself, I appreciate the diligence and foresight of our business office and our Board,” said Superintendent Dr. Jeff Burke.
Way to go Board and administrators for being great stewards of the taxpayers’ money! It’s always a great day to be a Wildcat and save almost $3 million dollars!!!