In March, New Caney ISD completed the refinancing of several outstanding bonds, saving district taxpayers more than $7 million. The Board of Trustees adopted the order to authorize the issuance of refunding bonds at its regular meeting in February. Since 1999, the NCISD has successfully completed nine bond refundings for interest cost savings to taxpayers of nearly $25 million.Bond refunding is similar to a homeowner refinancing a mortgage to get a better interest rate. The district is essentially issuing a new bond that will be bought by a bondholder that will charge a lower interest than the previous one. Bond refunding allows the district to swap old higher interest debt with new, less expensive debt. Major ratings agencies like Moody's and Standard & Poor's assign a grade to the district. The district has received a total of seven bond rating upgrades since 1999.