At their regular meeting on Sept. 26, BISD’s Board of Trustees approved the order calling to prepay $4.4 million of outstanding voter-approved bonds originally sold by the district in 2008. This early repayment of bonds, which has a 5 percent rate, will save taxpayers more than $3.875 million in interest payments over the next 18 years. The district will be able to do this without raising the debt service (I&S) tax rate for the 2013-14 school year.
“The Board is pleased to be able to prepay some of the voter-approved bond indebtedness,” Board President Brad Greene said. “This good news comes at the same time the district, for the 10th consecutive year, receives a ‘Superior Achievement’ rating under Texas’ Schools FIRST financial accountability rating system. The superior achievement rating is the state’s highest, demonstrating the quality of BISD’s financial management and reporting system.”
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