CRANDALL, Texas (Crandall Independent School District) — In an effort to save the district millions of dollars in interest in coming years, Crandall Independent School District has recently refinanced a series of previously issued bonds at a reduced rate of interest as well as paid off some of the district’s bonds early.
CRANDALL, Texas (Crandall Independent School District) — In an effort to save the district millions of dollars in interest in coming years, Crandall Independent School District has recently refinanced a series of previously issued bonds at a reduced rate of interest as well as paid off some of the district’s bonds early.
The bond refunding, essentially a refinancing of the district’s debt, allows the district to take advantage of recent historically low interest rates without lengthening the duration of the bonds. These moves by the Board of Trustees will save the district approximately $7.25 million dollars.
“This puts us in a better position to meet future facilities’ needs,” said Crandall ISD CFO Mike White. “The refinancing and early retirement of this debt now provides the district significant savings down the road.”
The bond refunding savings follows a series of other recent positive financial announcements by the district – namely earning the highest possible ratings on both the Financial Integrity Rating System of Texas (FIRST) issued by TEA as well as their external audit.
“Crandall ISD is not only committed to doing what’s right for kids but also what’s right for taxpayers and our community,” said Crandall ISD Superintendent Dr. Robert Jolly. “This recognition is indicative of our commitment to being good stewards of taxpayer dollars”.
