In August, New Caney ISD completed the refinancing of series 2008 and series 2009 bonds, saving district taxpayers more than $5 million. Since 1999, NCISD has successfully completed 12 bond refundings for interest cost savings to taxpayers of nearly $35 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
