SAISD Announces Tax Payers Will be Saving Over $7 Million

 

SAN ANGELO, TX – Officials with the San Angelo Independent School District announced Friday that after refinancing the current bond that it will be saving tax payers over $7 million dollars.

San Angelo ISD recently refinanced a portion of its current bonded indebtedness resulting in an overall savings of $7,839,070 to district taxpayers over the remaining life of SAISD bond payments through 2034. This equates to just over $600,000 in savings per year beginning in the 2021-2022 school fiscal year. The refinancing will create a present value savings of 10.38% over the life of the bond as a result of the decrease from an interest rate of 4%-5% to a much lower interest rate of 1.571%.

Assistant Superintendent of Business Support Services Dr. George McFarland proposed district administration pursue the refinancing of a portion of its current bonded indebtedness at the July 20, 2020 SAISD Board meeting and the Board of Trustees approved. Bonded indebtedness refers to any formally executed written agreement representing a promise by a unit of government to pay to another a specified sum of money. 

SAISD originally passed a bond in 2008 for facility construction projects and improvements. In 2015, SAISD was able to lower the interest rates and refinance that bond. The district has now again taken advantage of refunding a portion of these bonds, a process similar to refinancing a loan, which will allow significant district savings over the remaining life of the bond until the year 2034. 

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Comments

ironic, Fri, 08/14/2020 - 12:40

$600,000 a year in savings, will that be coming back as single $1 bills or multiples of $5 bills to the tax payers? OR, and again it is my conspiratorial mind, does that JUST happen to be the amount it may cost to say.........oh I do not know, change a school name??? Do not get me wrong, if that is the amount, it is effectively then costing me nothing as there is no additional cost so have at it. I just find it very interesting our county taxes MAY come down, ( that is unheard of), our School board are saving us money, ( that is unheard of), and we MAY actually get something for no real apparent cost to the tax payer, to the students or to the teachers. ( that is a NEVER event).
If this all comes to fruition, I suggest we collectively take all the money we save and buy lottery cards, because this would be the right time if our luck is this good!

Maybe we can pool our money and get a better trash/bulk/and recycling program. If you are paying attention, you will know that the recycling portion has changed drastically recently. No Mixed Papers. Don't recycle your newspapers, your sales inserts, your unsolicited mail, etc. So terribly different from other programs. You can recycle aerosol cans but not paint cans. So your hairspray can which supposedly won't explode, and your spray paint can which supposedly won't explode, but not your can of dry paint that you thought you would use up but didn't. This recycle program is so fubar that it's not even modern.

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