Comal ISD Trustees Approve Early Payoff of $17.5 Million in Bond Debt
Comal ISD’s board of trustees voted Thursday to pay off $17.5 million in bond debt early to save taxpayers $11 million in interest.
At their monthly meeting the board also adopted the district’s 2021-22 budget. Trustees will adopt the official tax rate for the upcoming school year in August.
“We are always looking for ways to manage the district’s financial obligations with our students and taxpayers in mind,” Jason York, board president, said in a statement after the meeting. “Paying off $17.5 million of our bond debt early is just one way we can do this.”
York said the district has saved more than $160 million in interest payments over the last 17 years by refinancing bonds and paying debt off early.
“If you factor in the 20% homestead exemption which Comal ISD provides on top of the $25,000 homestead exemption granted by the state, residents of Comal ISD are paying less than their neighbors in surrounding districts,” he said.