- Belton ISD
Belton ISD to Save Millions with Bond Refunds
BELTON, TX — The Belton ISD Board of Trustees on Monday approved refinancing a series of existing bonds, a move that 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. 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.
“This community has come alongside Belton ISD and supported our needs over the years,” said Superintendent Matt Smith. “We are grateful for this support and pleased when, with thoughtful fiscal management, we can again provide cost-savings to our taxpayers.”
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 which is 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.
“Thanks goes to our current and past Board and administrations for their thoughtful stewardship of taxpayer funds,” Smith said. “It’s put us in a good spot to have conversations about building and renovating facilities that will provide what our kids need for exceptional learning.”
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.
In other news, the Board 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.