Gilmer, TX — Gilmer ISD trustees on Tuesday saved more than $1.2 million in interest on the district’s 2003 and 2004 bonds, while also moving forward on plans to potentially renovate the 50-year-old Buckeye Stadium at no additional cost to taxpayers.
The school board voted unanimously to reissue $8,805,000 of the district’s 2003 and 2004 bonds at a 2.065 percent interest rate. The district is paying 4.452 percent in interest.
Between now and 2030, the district will save $1,277,542 in interest on the bonds, said financial adviser Ed Moore, senior vice president of Southwest Securities.
The 2.065 percent interest rate secured Tuesday was the lowest Moore said he’s seen in his career. Gilmer ISD also was the only district in the state to sell bonds Tuesday, generating a substantial amount of interest, Moore said.
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