Mr. McWhorter, FTCSC Chief Operating Officer/Treasurer, shares that the FTCSC Business Department refunded (refinanced) $12.4 million in callable bonds for a new lower rate without extending the term of the bonds. The initial prediction was a savings of $1.6 million, but instead, due to favorable bids, the savings will be $3,134,731,24 over the remaining life of the bonds. These savings will lower the debt payment over the life of the bonds and is interest that taxpayers will no longer have to pay. This follows a long line of cost savings through the FTCSC Business Office that has saved the district millions of dollars through renegotiated bonds and additional funds in interest earnings. The school property tax rate is the second lowest in the past 45 years.
