• May 9, 2017 - Community Independent School District recently refinanced a series of previously issued bonds at a reduced rate of interest in an effort to save the District millions of dollars in interest in coming years. Bond refunding essentially is a refinancing of the district’s debt, allowing the District to take advantage of lower interest rates.

    As a result of board action taken at the March 21, 2017 meeting, the district recently entered into a bond refunding transaction which resulted in a total debt service savings of $2.1 million, bringing the 10-year Bond Refunding total net amount interest cost savings for our taxpayers on previously issued bonds to over $10.7 million.  (see chart below)

    ISSUE

    Lowered Interest Rate

    Total Debt Service Savings

    Less Cash

    Contribution

    Net Interest Cost Savings

    Series 2007 Refunding

    From a high of 5.40%
    to a low of 3.85%

    $159,825

    $159,825

    Series 2008 Refunding

    From a high of 5.95%
    to a low of 2.55%

    $1,025,697

    $1,025,697

    Series 2013 Refunding

    From a high of 6.83%
    to a low of 2.41%

    $2,330,000

    $300,000

    $2,030,000

    Series 2015 Refunding

    From a high of 5.00%
    to a low of .30%

    $2,456,599

    $2,456,599

    Series 2016 Refunding

    From a high of 5.00%
    to a low of .50%

    $1,993,730

    $1,993,730

    Series 2016A Refunding

    From a high of 5.86%
    to a low of .80%

    $2,995,723

    $1,500,000

    $1,495,723

    Series 2017 Refunding

    From a high of 5.00%
    to a low of .95%

    $2,124,051

    $500,000

    $1,624,051

    TOTAL

    $13,085,625

    $2,300,000

    $10,785,625

     

    The last bond program conducted in Community ISD was approved by voters on May 12, 2007. The $20 million bond package raised the I&S tax rate to the current 45.5 cents. The funds were used to construct NeSmith Elementary, construct a new cafeteria at CHS and renovate the existing cafeteria into classroom space. Voters also approved a $10 million bond package in 1999 which was used for additions and renovations at McClendon Elementary and Community High School.