Millions Saved

Jarrell ISD Bond Refunding Saves Taxpayers $3.4 Million
Posted on 01/21/2021
This is the image for the news article titled Jarrell ISD Bond Refunding Saves Taxpayers $3.4 Million Jarrell ISD leveraged a very low interest rate of 1.95 percent saving taxpayers $3.4 million of interest savings on its bond debt.

School districts may refinance bonds when current bonds are eligible. This allows the school district to seek a lower interest rate – saving their local taxpayers future interest on such bonds.

Jarrell ISD Chief Financial Officer Robert Navarro said, “The Jarrell ISD Board of Trustees is maintaining strong financial practices. This refunding has resulted in significantly lowering the future debt service amounts.”

The district has been monitoring bond market conditions as interest rates have dropped to all-time lows. In a fast-growth community like Jarrell ISD, it is imperative to investigate and take advantage of all additional saving opportunities that will better position the district. By doing so it ensures future capacity to fund student needs while being mindful of the tax impact on taxpayers.

“Jarrell ISD is focused on being fiscally responsible. We take our responsibility of being good stewards of taxpayer dollars seriously, and this action, approved by our Board, reflects that commitment,” Superintendent Dr. Toni Hicks said.
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