- Community ISD
- CISD Bond History
-
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.