Denton ISD announced Sept. 2 it has refinanced its voter-approved bond debt, saving DISD taxpayers $6.75 million and shortening the debt lifespan by eight years.
The details: The district refinanced $15.85 million of outstanding voter-approved bond debt, which is now expected to be paid off by 2030 instead of 2038, according to a news release.
DISD monitored the municipal bond market and opted to refinance when the market conditions allowed the district to refinance at a lower interest rate. Instead of holding a debt interest rate of 4%, DISD refinanced to a 3.25% interest rate.
According to the release, this practice has saved DISD residents more than $339.3 million over the last 20 years. The most recent refinancing means DISD can keep a lower tax rate while continuing investments in infrastructure, technology and safety.
The backstory: Denton ISD voters approved a bond package worth nearly $1.42 billion by 62% in 2023, according to the district’s website.