By Renee Yan
Photo: Sherelle Black/Community Impact Newspaper
The Grapevine-Colleyville ISD board of trustees approved an order to prepay $10.5 million in outstanding debt during Monday’s meeting.
By paying $10.5 million ahead of its debt payment schedule, GCISD will be able to save over $5.2 million in interest costs while increasing the district’s capacity to issue bonds with little to no effect on its interest and sinking tax rate, according to meeting documents.
The school district has effectively managed its debt portfolio by taking an active approach, such as paying debt ahead of schedule when it has the capacity and refinancing bonds at lower interest rates, said Joshua McLaughlin, GCISD’s hired financial advisor of BOK Financial Securities.
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