Denton Independent School District has completed a refinancing of $15.85 million in outstanding voter-approved bond debt, a move officials say will save local taxpayers more than $6.75 million. The district stated that this financial adjustment shortens the total debt life by eight years, bringing the final payoff date forward to 2030.
According to the district, monitoring the municipal bond market allowed officials to lower the interest rate on the debt from 4 percent to 3.25 percent. Jennifer Stewart, the district’s Chief Financial Officer, explained that the team watches market conditions year-round to act when rates become favorable. She emphasized that the primary goal was to ensure the savings were genuine without extending the payment schedule.
Stewart noted that the district lowered the rate, maintained the original schedule, and removed eight years from the end of the debt term.
Dr. Susannah O’Bara, Superintendent of Schools, stated that the district views the management of this debt as a responsibility to the community. She said the bond programs were approved to build and maintain schools, and careful management honors that trust. O’Bara added that the refinancing keeps $6.75 million in the hands of Denton families while students continue to learn in maintained facilities.
The district reported that similar refinancing practices have saved the community over $339.3 million over the past two decades. Officials indicated that maintaining a lower debt rate allows the district to direct funds toward classrooms, safety and security, technology, and infrastructure. The district also noted that it holds a superior financial integrity rating from the Texas Education Agency.
