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Gatesville ISD schedules $500,000 supplemental principal payment to retire 2014 bonds early
Summary
The district plans a supplemental $500,000 principal payment on Series 2014 Elementary Bonds during 2024–25; continuing payments could retire the bond two years early and save nearly $400,000 in interest.
Chief Financial Officer Darrell Frazier told the board the 2024–25 Interest & Sinking Fund projects a surplus sufficient to make a supplemental principal payment of $500,000 on the Series 2014 Elementary Bonds during the next fiscal year. He recommended the board approve scheduling that payment.
The board approved the resolution to defease and redeem $500,000 of bonded indebtedness. Frazier stated that if the district continues making similar extra principal payments each year, the Series 2014 bonds could be retired two years earlier, saving the district nearly $400,000 in bond interest payments.
