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Nederland ISD authorizes $500,000 bond defeasance to reduce debt costs
Summary
The board approved a defeasance order authorizing $500,000 to defease certain outstanding district bonds, a move the business manager said saved money previously and should cover at least one full year of obligations.
The Nederland ISD Board approved an order authorizing defeasance of outstanding district bonds totaling $500,000 as included in the 2024–25 budget.
Melissa J. Wong explained that the defeasance would occur after tax collections are received and noted the district saved money with similar defeasance actions last year. Wong detailed prior years' defeasance removals (2013: four years removed; 2014: 12 years; 2015: six years this week) and said the $500,000 should cover at least one full year of obligation under the defeasance plan. The motion passed unanimously.
