WICHITA FALLS, Texas (KAUZ) – At a board meeting Tuesday night, the WFISD Board of Trustees voted unanimously to approve the restructuring of tax bonds related to the construction of the Career Education Center.
The move is expected to save about $2.4 million in reductions to interest and sinking costs. Refinancing the bonds lowers the interest rate over the next decade of repayment, equating to nearly a quarter million dollars in savings each year.
“Interest rates are better and we’re able to refinance the remaining ten years, or 20 years in the cases of some of our bonds, at a better rate,” Superintendent Donny Lee said.
“In the example that we saw today is that for one year it was about $200,000, over ten years that’s about $2.4 million in savings. And so what we’re looking to do is save the taxpayers between $2.4 and $3.4 million over ten years,” he added.
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