Conroe ISD has taken advantage of a new interest rate and lowered the amount it owes on bonds by more than $18 million. The school district refinanced more than $100 million worth of bonds that are payable over a 20-year period. The bond payments will be due in the original timeframe, but the cost of the primary interest has dropped. "Basically, what we did was what would be the equivalent to refinancing your mortgage," said CISD Chief Financial Officer Dan Cox. "We refinanced approximately $119 million worth of bonds." The new effective interest rate is 3.408 percent. The previous rate was 5.267 percent, a difference of 1.859 percent. "The interest rates have dropped because we are in a very low interest rate environment right now," Cox said. Cox said the new rate assists the school district in maintaining a low tax rate and reduces the future debt burden. The new rate also reduces the amount the school will owe for the next 20 years, allowing for extra money to funnel back to the school district. "The money will go toward our overall operating expenses which will allow us to provide the learning environments and resources our students need to succeed," Superintendent Don Stockton said.