At a special called board meeting on Thursday, August 29, the Terrell ISD Board of Trustees received a presentation from district leaders on the efforts made to reduce district debt as it relates to maintenance tax notes and previous bonds.
Over the last three years, the Board of Trustees and district leadership have put an aggressive plan in place to lower district debt.
Beginning in May 2021, the Board of Trustees voted to approve the refinancing of two maintenance tax notes which resulted in a savings of $566,471. Two months later in July 2021, the Board approved the early payoff of a 2012 bond which saved taxpayers $473,733.
The next year in August 2022, the Board of Trustees approved the early payoff of a portion of the 2016 bond which resulted in a five million dollar savings to taxpayers. In June of 2023 the Board authorized another early payment of the 2016 bond which saved taxpayers 4.4 million.
Keeping with this same mindfulness, in June 2024 the Board approved an additional early payoff of the 2016 bond which resulted in another 4.4 million in taxpayer savings.
To date, the Board of Trustees has worked to save taxpayers $14,971,798 in interest over the last three years and has paid off $21.5 million in debt previously authorized by the voters and issued by the school district.
At the special called board meeting on August 29, the board took steps to make another early payoff of 2016 bonds that is projected to save taxpayers $3.8 million. This payment will be made in June 2025.
“Our Board of Trustees is committed to being good stewards of the monies entrusted to us by Terrell ISD taxpayers,” stated Board President, Dena Risinger. “We want to thank Dr. Warnock and her team for their commitment to reduce district debt all the while providing a high-quality education for students.”