Mount VernonIndependent School District

*** MVISD REFINANCES BOND  - JUNE 2017

Mount Vernon Independent School District recently refinanced previously issued bonds at a reduced rate of interest in an effort to save the District significant dollars in interest in coming years. A bond refunding essentially is a refinancing of the District’s debt, allowing the District to take advantage of lower interest rates.  The lower interest rates result in a lower bond payment.

As a result of board action and the diligent efforts of Dr. Weiss and the administrative staff, the District recently completed a bond refunding of the Series 2009 Bonds.  This resulted in a total debt service savings of $1.38 million over the remaining term of 13 years and brought the interest rate down from a high of 4.78% to a low of 2.43%.

With effective cost controls and stable net revenue, the District earned an excellent bond rating of A+ from Standard & Poors.  This superior bond rating had a direct impact on the District realizing a lower interest rate and savings.