JENNIFER FIERRO • PICAYUNE STAFF
BURNET — Burnet Consolidated Independent School District officials informed the board of trustees they’ll save some bond money, which means a saving for taxpayers.
“Our bond rating was upgraded,” business manager Sarah Cervi said. “The result is we’ll get better interest rates.”
Officials reported the news to the board during the regular meeting Jan. 26.
The district had projected an interest rate of 4.25 percent, but because of the bond rating increase, the interest rate is now 3.15 percent. And instead of taxpayers paying 7.9 cents per $100,000 value, they’ll pay no more than 7.75 cents, Cervi said.
“The results are $4 million in savings over the lifetime of the bonds,” she said. “It’s a huge reduction. It’s good news all the way around.”
The improved bond rating came from Moody’s Investor Services, which used several factors to determine that the school district is a high-quality, very low credit risk, including:
- BCISD’s large, growing tax base;
- a favorable operating history
- a strong fund balance
The improved rating lowered the interest rates on the $26.75 million bond voters approved in November 2014.
BCISD has earned the Superior Achievement rating from the Texas School Financial Integrity Rating System of Texas, which is the state’s accountability system for school finance, each of the past 12 years.