On Thursday, June 4, Stephenville ISD made the decision to implement the 2020 Refunding Program for the district, which ultimately saved taxpayers $2,865,848.
During the SISD Board of Trustees meeting on March 16, the board adopted a "Parameters Bond Order" authorizing the sale of the Series 2020 Refunding Bonds if certain parameters were met.
Based upon the favorable bond market conditions, each parameter was met.
"We were able to take advantage of historically low interest rates and refinance previously issued bonds at a rate of 2.25% versus 4.74%," said SISD Superintendent Matt Underwood.
SISD saved taxpayers a total of $2,865,848, which is $230,204 higher than the savings presented to the board during the meeting on March 16.
Stephenville ISD’s prior refunding programs, Series 2005 and Series 2011, saved taxpayers a total of $1,410,393. Based upon the successful result of the 2020 Refunding Program, Stephenville ISD has now generated a collective savings of $4,276,241 for district taxpayers.
"It is an honor to be able to manage our resources in a way that is advantageous to both our tax paying community members, but also to benefit our students," Underwood added. "Utilizing our assets to serve every student, every day is what drives our efforts."