The Mansfield ISD School Board approved another refunding of bonds, resulting in a savings of approximately $2.8 million.
Bond refunding allows the district to exchange its higher-interest debt for that of a lower rate. Since 2010, the district has saved taxpayers a total of $65.9 million through bond refunding.
The most recent refunding will be issued on Dec. 28.
“Being good stewards of taxpayer dollars is something we take seriously as a district,” said MISD Board President Raul Gonzalez. “I’m happy that Mansfield ISD administration was able to find another way to save money and continue putting students first.”
MISD has maintained outstanding ratings from Moody’s, Standard & Poor's (S&P) and Fitch Ratings, the top three credit rating agencies. Those ratings allow MISD to achieve the lowest interest rates available for all bond financings.
Mansfield ISD also has no capital appreciation bonds (CABs), which many other fast-growing districts have accrued. The interest on a CAB keeps compounding until payment is due, causing the interest-to-principal payback ratio to be significantly higher than traditional bonds.