The Magnolia ISD board of trustees approved the refunding of 2007 bonds during a meeting on March 6—an action which saves the district and its taxpayers $6.2 million, district officials said. According to a statement from MISD, bond refunding allows the district to receive a lower interest rate for its debt, based on the district's positive financial ratings. "Our school board and administration are committed to being stewards of our taxpayer dollars while still providing safe, quality learning facilities," said Erich Morris, MISD assistant superintendent of operations, in a statement. "We will continue to take a proactive approach to successfully manage the district’s debt and finances, and conduct economical and efficient operations.” The March 6 motion allows the district to save $5 million in interest payments through refunding as well as an estimated $1.2 million in interest payments by shortening the bond repayment schedule by five years. Refunding of the district's 2007 bonds marks the third time since 2009 MISD has received lower interest rates via the bond refunding process. In total, the three refunding periods have saved the district an estimated $15 million in interest payments, according to a statement from MISD. "We've [refinanced a bond] about four or five times to take advantage of the interest rates as they've dropped and also take advantage of the rating of our school as far as a bond rating," MISD Board Vice President Chuck Adcox said. "We really do try to be good stewards of the money. That's almost [the cost of] an elementary school in savings in interest [payments]."