Grapevine-Colleyville Independent School District said it saved $16.5 million of interest costs with the first sale from its $124.5 million bond package approved by voters in May.

Chief financial officer Elaine Cogburn said lower-than-expected rates saved the district $15.1 million in anticipated costs when it sold $96.5 million of general obligation and refunding bonds in August.

“We were able to take advantage of a great time in the market due to the downgrade of the U.S. credit rating and other factors,” she said. “There was great demand for the bonds and significant savings for the district and taxpayers.”

The district, located between Dallas and Fort Worth, has $352.2 million of outstanding debt rated Aa2 by Moody’s Investors Service and AA by Standard & Poor’s. The debt is enhanced to triple-A with coverage from the Texas Permanent School Fund.

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