CISD Announces 2013 Bond Refunding Results
CISD will realize an estimated $5.9 million in savings thanks to refunding bonds from its 2013 voter-approved bond issuance. The district issued a refunding of $17.755 million of these bonds on Sept. 22.
According to Hilltop Securities, which was granted authority to refinance these bonds by theCISD Board of Trustees during the Sept. 14 Board Workshop, the district was able to benefit from the refunding issue pricing in a low interest environment. The average annual savings for the district will be $268,510 from 2022 through 2043. This will result in an estimated savings of $5.9 million or 26 percent over the lifetime of the 2013 bonds.
“These savings will help the district to continue to manage the Debt Service tax rate in a fiscally responsible manner, which in the long run ultimately benefits our taxpayers,” said CISD Chief Financial Officer Diana Sircar.
Among the projects funded in the 2013 voter-approved CISD bond are Richard J. Lee Elementary School, the state of Texas’ first net-zero elementary campus; security vestibules in all district schools; and the CHS Field House. For more information on the 2013 bond, visit www.coppellisd.com/bond2013.